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Midtown deal

Pre-let at Regents Place

City pre-let

Mayfair scheme deal

US firm takes a floor

Former HQ refurbishment

City refurbishment start

London Offices – An Olympic Year?

City scheme application

City scheme letting

West end consent

Hedge fund for new W1 building

West End pre-let

Central London - a Sack Full of Refurbs

Midtown appointment

City refurbishment plan

Midtown scheme deal

Refurbishment plans

More London letting

London Office Market – Special Report

Gala lunch launch

Tower sees more deals

Tower deal in EC2

City scheme letting

Major letting at EC1 building

Gherkin deal

West end refurbishment

Expansion at City scheme

St James's building to be refurbished

Bank takes floor in City scheme

Dashwood House deal

City HQ redevelopment

Contractor appointed

Hedge fund takes EC2 offices

Skyscraper becomes tower

London tower deal

Extra floor let at Mayfair scheme

Tenant for City scheme

Mayfair refurbishment options

First tenant for City scheme

City fringe permission

Sale and pre-let

City development opportunity

City fringe application

Broker signs for new City scheme

Walbrook Square deal conifirmed

One change in new deal

Developer poised in W1

Letting for Midtown scheme

New plan for EC4 site

Major Docklands deal

Grand Designers: Top 10 Architects: Central London Offices 2000 - 2020

Blackfriars scheme seeks new investors

City office tower deal

City scheme letting

HQ refurbishment?

City building let

City scheme letting

Fitzrovia refurbishment

Shortlist for SE1 site

Tower letting for bank

Deal for new City scheme

Redevelopment plans

Met letting

Shell letting details

Lombard Street progress

Office tower sold for redevelopment

Letting at City scheme

Offices approved in WC2

Mayfair scheme let

Hermes let space

Mayfair scheme let

Developer pushes ahead

Law firm pre-let

Smithfield negotiations

Aldgate scheme to re-start

Aldgate scheme to restart

Floor let in new west end scheme

Deal in new W1 building

Architects bid for Kensington scheme

Victoria completion

Shell tower hiccup

CapCo plans major scheme

Pre-let in WC2

Gem delayed

Peak reaches peak

Kings Cross office appointment

Major pre let announced

First letting for City scheme

St James' refurbishment

Mayfair plans

Shard to start

Fenchurch revision supported

Consent for HQ

City scheme to start

Refurbishment mooted in EC4

City deals

City scheme nears completion

Occupier to free up space

London Bridge architect

UK's tallest crane

The UK's tallest crane is now in place over the Shard in London, SE1. The crane will reach 317m (1,040 ft) above ground level and will enable the building modules making up the 23-storey steel 'spire' to be put in place. - (10-10-2011)

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Docklands pre-let

The European Medicines Evaluation Agency (EMEA) is to pre-let of 23,226 sq m (250,000 sq ft) at 25 Churchill Square, Canary Wharf, London, E14. The EMEA is expected to occupy the promenade, ground and first nine floors of the 20 storey office in 2014/2015. EMEA is thought to have agreed a rent of £46.50 on a 25 year lease with no breaks starting in January 2015. The agency is reported to have the option of taking an additional four floors of around 2,555 sq m (27,500 sq ft) each. A 37 month rent free period has been agreed which will be used to pay for the building’s fit-out. - (16-09-2011)

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Attorney signs for EC1 scheme

Venner Shipley, the patent and trade mark attorney, is taking 1,611 sq m (17,346 sq ft) of offices on the 8th floor at the newly completed 200 Aldersgate office scheme in London, EC1. Lease length and rent have been kept confidential. - (02-09-2011)

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Glasnost - Online Project, Contact & Image Management

Major letting for midtown scheme

Google, the US internet group, is taking 14,864 sq m (160,000 sq ft) of offices on the entire fourth, fifth, and ninth floors, and part of the third and sixth floors at the recently-completed Central St Giles scheme in London, WC2 on a 10-year lease. CB Richard Ellis acted for Google UK. - (27-05-2011)

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Towering Ambition

London’s next development cycle is now well underway with some 30 office schemes starting in the last six months, amounting to 510,962 sq m (5.5m sq ft) of new space coming on-stream.

Skyscrapers are topical again, and in this CityOffices newswire we look in detail at the unprecedented ‘clutch’ of new office towers (defined as 20+ storeys) nearing completion, underway and planned.

The last development cycle saw completion of the 37,160 sq m (398,000 sq ft), 34-storey Broadgate tower, EC2, now largely fully let; the 38,740 sq m (417,000 sq ft) 36-storey 125 Old Broad Street, EC2 has only 5,000 sq ft still available; the 55,091 sq m (593,000 sq ft), 36-storey Ropemaker Place, EC2, which is fully let; and the 25-storey, 30,750 sq m (331,000 sq ft) Drapers Gardens scheme in Throgmorton Avenue, EC2, which was pre-let.

All the above towers are in the City of London and interestingly there were no skyscrapers completed in Canary Wharf in the last cycle, or, less unusually, in the West End, Midtown or fringe. The almost-complete 59,921 sq m (645,000 sq ft), 46-storey Heron Tower in Bishopsgate, EC2, will end the tower building activity for the 2006-2011 property cycle.

The next cycle will see completion of the 75,901 sq m (817,000 sq ft), 80-storey, Shard, SE1 in 2012; the 63-storey, 111,482 sq m (1.2m sq ft) Pinnacle, EC2, in 2013; the 37-storey, 79,895 sq m (860,000 sq ft) 20 Fenchurch Street, EC3 (Walkie Talkie) and 47-storey, 67,075 sq m (722,000 sq ft) Leadenhall Building (Cheesegrater) both in 2014.

Schemes which are not yet under construction and may be completed in the next cycle are the 40-storey, 71,534 sq m (770,000 sq ft) 100 Bishopsgate, EC3, where a 2011 start is envisaged; the 22-storey, 27,870 sq m (300,000 sq ft), 60-70 St Mary Axe, EC3 (Can of Spam); and the 21-storey 93,440 sq m (1m sq ft) Aldgate Place, E1.

Elsewhere, a possible 20-storey plus scheme is being designed for Elizabeth House, and a 31-storey scheme for Kings Reach House, both in SE1. At Canary Wharf, the 2m sq ft redevelopment of Heron Quays is planned to include a 33-storey tower and there are still outstanding proposals for a 43-storey part office tower at Crossharbour; a 43-storey tower at Millharbour; and a 63-storey tower at the site formerly known as Columbus Tower in E14. In the West End, plans for the Victoria Interchange include a tower of up to 20-storeys.

The question is how successful are these new towers likely to be? The Gherkin (30 St Mary Axe) in EC3, has rapidly became a London icon, but 10-years ago, post 9/11, it was very slow to let, with over 50% still vacant on completion. Other high-rise buildings such as Centrepoint in the West End and 1 Canada Square at Canary Wharf were slow to let in the early days. Despite these examples developers seem keener than ever to build towers.

In total some 315,868 sq m (3.4m sq ft) of office space is under construction in five office towers, but still available, with a further 260,126 sq m (2.8m sq ft) in towers that could start in 2011 or 2012. These are big numbers, however, to put it in context, the City of London saw lettings of new unoccupied office space of 260,126 sq m (2.8m sq ft) in 2010, so a single year’s take-up could almost fill them. The five towers will be completed over a four-year period, during which they will currently face limited competition from newly completed, large, low-rise schemes in the City.





Experience from completed towers such as Broadgate Tower, 125 Old Broad Street and Ropemaker Place shows that the majority of lettings tend to be signed-up after the development has been completed. In general, only a small proportion of a tower’s floorspace is pre-let before completion. However, the experience of the recent letting of 17,744 sq m (191,000 sq ft) to Aon at the Leadenhall Building may indicate a more active pre-let market than previously for the new London towers.

An analysis of the occupiers of recently completed towers shows that the major share (51%) is taken-up by financial services with professional services (including law), in second place (23%). With the just two sectors accounting for 74% of deals done it is no wonder that these are the main targets for developers and their agents. .



An unusual ‘bulge’ of lease expiry and breaks due in the period 2013-15 has partly contributed to developers enthusiasm in starting new schemes in the last few months; and in-turn this has led to developers with refurbishment schemes to also leap into competitive starts to achieve completion before the towers come on-stream.

The future of the next generation of towers will depend on attitude of the 200 medium to large office occupiers in the City of London now actively looking for space, or with lease expiries due in the next four years. If occupiers show the same enthusiasm for high-rise working as those firms moving in the previous office cycle, then the new towers coming to the London skyline will succeed. it will just take a little time.

Andy King
Director
CityOffices.net

- (20-05-2011)

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Office Futures: London, Paris, Frankfurt

London looks set to trounce Paris (and Frankfurt) in terms of office development activity over the next three years, which is bound to rekindle old rivalries. Hopefully this ‘win’ will be repeated in this weeks England v France game, and the findings set the scene for a lively MIPIM property event in Cannes.

London and Paris have both seen a substantial contraction in the levels of office development over the last two-years and an upsurge in office take-up in 2010, which has eaten into available space.

London is heading for a sharp revival in office completions from 2012 onwards, while the Paris market appears to be looking at a slower recovery at the moment. In Frankfurt, like most other European cities, office completions peaked in 2010 and a continued slowing over the next two years is anticipated.

This London revival is in contrast to the start of the last property cycle, which saw major office developments in Paris kick-off at least nine-month before London. This time around London is ahead, and at least eight major office schemes are expected to start construction by spring 2011.

Any reports of new office construction in central Paris are sparse at present, although office shortages will develop and lead to an increase in development activity, particularly refurbishment. In Frankfurt there is an oversupply of new office space and the high proportion of vacant (and unlettable) older space means refurbishment, rather than new build, is likely in the short-term.

Looking ahead, we foresee that the development cycle in London will prove to be about 12 months ahead of Paris, with construction activity rising sharply in London in 2011, followed by the start of an upswing in Paris in 2012.

The predicted levels of office development activity to 2013 are however, still relatively low, and likely to produce a severe demand and supply imbalance (for quality space) in both London and Paris. It is expected that development activity will continue to increase to meet demand, with the peak of the next development boom being 2014-2015.






- (22-02-2011)

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Surge in London Office Development

London Office Prospects 2011: 75m sq ft of lease expiry hopes drives market forward

A surge in London office development is coming, with major office buildings planned to come on-stream in 2012-2015 to meet an anticipated increase in demand.

This demand is expected to come from those occupiers, which took space in the mid 1980’s boom and early 1990’s, with leases coming to an end on what is now outdated space.

Our research on occupier ‘moves’ in central London indicates a potential of up to 17m sq ft of lease renewals due in 2011, and an average of about 15m sq ft a year of lease expiries a year up to 2015.

The question is “How much of this lease expiry-led ‘demand’ will result in new space being taken-up?”

The London office market is fairly consistent on office space take-up with the average being about 10m sq ft a year over the last decade. In these terms 2010 was above average with over 11m sq ft of office space taken-up, the majority in large pre-lets.

If half of lease expiries (say 7.5m sq ft) each year actually turned into office ‘moves’, this would then mean a further 2.5m+ sq ft of office demand would have to come from existing occupier expansion and new ‘start-ups’ to achieve even the average for annual take-up.

This would then mean occupiers would be renewing leases on around 7.5m sq ft of office space each year with the potential for refurbishment deals. In addition the 7.5m sq ft (or possibly more) of office space vacated by ‘movers’ could be returned to building owners and would need to be upgraded for letting.

To meet the expected lease expiry-led office demand a substantial supply of new Grade A development is needed in 2011, which is not going to arrive. Those occupiers with imminent lease expiries will be unable to find prime new office space and will therefore postpone moves, increasingly turn to pre-lets, or remain ‘in-situ’ and refurbish.

In 2011 development starts will be numerous (30+ is possible) but take-up is expected to be down on 2010 levels and the majority deals are likely to be smaller, perhaps under 4,645 sq m (50,000 sq ft).

The ‘volume’ of deals done in late 2010, combined with about 46,450 sq m (500,000 sq ft) of office space now under offer, will carry the fit-out market through to summer 2011. The office market will then become one of refurbishment and restacking until a new wave of occupiers starts to take up the developments coming on-stream from late 2012 onwards.





- (01-02-2011)

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Christmas 2010: 22% More Christmas Cheer - Official!

London office deals in 2010 are now 22% up - in terms of space taken - on last Christmas. CityOffices research has identified just over 11.1m sq ft of office deals in central London this year. This is the first rise in deals-done since take-up peaked in 2007. Recent pre-lets to Bloomberg, BNP Paribas and JP Morgan, have helped drive a strong final quarter of this year.

The take-up of Grade A recently constructed or refurbished space also shows a slight increase by 10%. Deals signed on prime space in central London account for 4.2m sq ft in 2010, compared to 3.8m sq ft in 2009.

The City of London has dominated deals this year accounting for 5.1m sq ft, or 46%, of total take-up. The West End saw just 1.8m, or 16%, of deals signed, with the remainder of lettings mainly focused on Docklands and ‘fringe’ locations.

Financial services came back strongly in 2010 and accounted for over 44% of space let. The next best performing sectors are professional services, media, and insurance, which together took 25% of space let.



The late surge in deals this year, and the large amount of space expected to be signed up in early 2011, means that the London fit-out market will be strong in the first half of next year. After that a reduction in available prime office space, and increasing rents, may lead to occupiers pre-letting, or undertaking short-term refurbishment and re-stacking, to await the next ‘wave’ of office buildings due to arrive in 2013.

So it looks like a Merry Christmas for all

Our best wishes for a prosperous 2011

The CityOffices team. - (24-12-2010)

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London Offices – 2011, Looking Up

The central London property market seems to be at a turning point in terms of construction activity. It would seem that we are at the start of the next development cycle, with the prospect of major office projects starting in 2011.

CityOffices constantly reviews London’s office development projects. The latest ‘Skyline Monitor’ shows that a total of 11 schemes started on site during summer 2010. Schemes such as The Pinnacle in the City, 62 Buckingham Gate, SW1, and Park House in Oxford Street, W1, added a further 1.3m sq ft to office space under construction.

The current total office space under construction in London is 4.2m sq ft, comprising 2.4m in the City; 1.1m sq ft in the West End, 600,000 sq ft on the Southbank and 130,000 sq ft in Midtown.

The 4.2m under construction at present is low when compared to the 13m sq ft under construction two years ago, but does compares favourably with the mere five office schemes started this time last year.

This summer nearly 5.8m sq ft of offices were completed in schemes such as Minerva’s St Botolphs building, EC3; Derwent’s Angel Building, EC1; and Standard Life’s 95 Gresham Street, EC2. A number of lettings have been secured in these buildings and currently half of the 5.8m sq ft has been let, in line with the overall sharp reduction in prime office space available in central London.

CityOffices has identified 21 London office projects where demolition is either underway or the site has been cleared. It is anticipated that starts on around half of these before Christmas 2010, which could result in a further 1.5m sq ft of offices under construction by the New Year.



Looking forward to 2011, Cityoffices is currently tracking 110 office schemes in central London totaling over 22m sq ft, which have planning permission, and where the developer is thought to be considering a start in 2011. The short-list of developers lining up schemes to start next year includes British Land, Land Securities, Great Portland Estates, Helical Bar, and Exemplar.

The reason behind the increasing activity in central London is that Grade A office space availability is expected to hit a low point in late 2014 and rents are already rising to reflect shortages of prime space. Developers are keen to catch the next property ‘wave’ before it peaks and are trying to push ahead with developments. In reality not all these schemes will start but Cityoffices is tracking them all to identify the ‘winning’ development teams. - (19-11-2010)

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Top Architects 2000 - 2020

Over the last decade CityOffices.net has monitored office developments in central London. Our knowledge of past and future projects, and the development teams involved, allows us to provide a profile of the key market players.

This analysis of the Top Architects in London is based on office developments completed in the last 10 year and any under construction. The future ‘view’ on projects is based on our research into schemes with planning permission or at the pre planning stage.

The total amount of office space completed in central London over the last 10 years amounts to nearly 6.1m sq m (66m sq ft), with about 372,000 sq m (4m sq ft) currently under construction. This gives an average build rate of 585,280 sq m (6.3m sq ft) of new office space a year in central London.

Future potential office projects, where architects are appointed, amount to around 6.5m sq m (70m sq ft), certainly enough space for the next 10 years.


The Last Decade

The Top 10 Architects for office space built over the last 10 years have created about 3.3m sq m (36m sq ft) of new buildings. The clear leader is Foster + Partners with about 800,000 sq m (8.6m sq ft), or 24% market share, followed by KPF with 490,000 sq m (5.2m sq ft), or (14%).

The mid ranking is fairly close run between SOM, Sheppard Robson, Pelli Clarke Pelli and HOK, with an average of around 320,000 sq m (3.4m sq ft) of developments.

The last four architect places in the ranking account for around 180,000 sq m (2m sq ft) of projects each, and the position of these firms in future ranking could be threatened by rivals over the next few years.


Top Architects (London) 2000 - 2010 (Built Office Space)

1 Foster + Partners (24%)
2 Kohn Pedersen Fox (KPF) (14%)
3 Skidmore, Owings and Merrill (SOM) (11%)
4 Sheppard Robson (11%)
5 Pelli Clarke Pelli (10%)
6 HOK (8%)
7 Sidell Gibson (6%)
8 Rolfe Judd (6%)
9 EPR (5%)
10 Fletcher Priest (5%)



The Future!

The analysis of future office projects in central London shows the changing fortunes of firms. Although it must be said that until developments actually start on site architects can, and do, get changed!

On future office projects we are looking at nearly 3m sq m (30m sq ft) over the next property cycle (or two), so 2011 and beyond.

The ranking shows those firms set to lead design into the next decade.


Top 10 London Architects (London) - Future Office Buildings

1 Rogers Stirk Harbour + Partners (16%)
2 Pelli Clarke Pelli (14%)
3 Kohn Pedersen Fox (KPF) (14%)
4 Foster + Partners (13%)
5 Skidmore, Owings and Merrill (SOM) (11%)
6 MAKE Architects (9%)
7 Wilkinson Eyre (8%)
8 Foreign Office Architects (FOA) (5%)
9 Allies & Morrison (5%)
10 Sheppard Robson (5%)


Interestingly Rogers Stirk Harbour comes in at No1 in the ranking having been absent from the ‘past’ ranking. The firm’s 450,000 sq m (5m sq ft), or 16% of ‘future’ market share, is based around some major Docklands projects.

The next four places in the ranking (2-5) sees a reshuffle of firms from the ‘past’ ranking, reflecting the positions held over the last 10 years.

The lower end of the ‘future’ ranking is mostly newcomers to the Top 10. MAKE Architects, Wilkinson Eyre, Foreign Office Architects, and Allies & Morrison, account for 748,000 sq m (8m sq ft) of projects, as they look to increase their share of development activity in the London office market.

These ‘newcomers’ could now be set to overtake those firms established in the Top 10 of the past decade. However, that ‘overtaking’ relies on the developments progressing and the architect managing to stay on the project.

Andy King
CityOffices.net
20.10.10

Notes:
All office development details available at www.cityoffices.net
The rankings include all office schemes over 1,858 sq m (20,000 sq ft).
A Top 20 Architect (Built Office Space) list is available on request.

- (05-11-2010)

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West End letting

Linkedin, the US business social networking site, is taking the 687 sq m (7,400 sq ft) first floor of Derwent London's recently completed Charlotte Building in Gresse Street, London, W1. The rent agreed is thought to be about £511.29 pre sq m (£47.50 per sq ft). The lease is understood to expire in 2020, with a break option in 2015. - (02-09-2010)

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Lettings in Land Securities buildings

News International is taking 5,110 sq m (55,000 sq ft) of offices on the ground, first, fourth and fifth floors at Land Securities' 2 Thomas More Square and 1,400 sq m (15,000 sq ft) on the 14th floor of 3 Thomas More Square, both in London, E1. The leases run to 2020. These deals take total occupancy in Thomas More Square to just under 99% with News International occupancy at Thomas More Square over 260,000 sq ft. - (29-07-2010)

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May take-up increase

London office lettings in May 2010 reached 950,000 sq ft, after a return to the levels seen earlier this year. The total was underpinned by a 185,000 sq ft letting to Shell at Canary Wharf. Elsewhere the City is currently outstripping the west end and letting activity is picking up in Midtown. Figures compiled by Cityoffices.net - (06-07-2010)

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Cheesegrater revival

British Land, developer of 'The Cheesegrater', otherwise known as the Leadenhall Building at 122 Leadenhall Street, London, EC3, one of the tallest towers planned for the City of London before the recession, say it it is thinking about beginning construction of the 47-storey Richard Rogers designed tower. British Land said it was “thinking pretty seriously” about reviving the project, which will provide 82,721 sq m (890,409 sq ft) of office space 56,856 sq m (612,000 sq ft net) and 2,150 sq m (23,142 sq ft) of retail space. - (01-04-2010)

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Search for City tower sites

Brookfield, the Toronto-based developer and contractor, is seeking a City of London site to build another office tower, following its role on the Pinnacle, this time as developer. A shortage of prime office space may push rents back to their 2007 peak in three years, according to King Sturge. The company’s development unit has seen some “interesting opportunities” for an office building in the City of London, according to James Tuckey, chairman of Brookfield’s European arm. - (11-03-2010)

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Office lettings continue surge

Office lettings in central London in January 2010 topped 1.2m sq ft, according to figures from Cityoffices and Metroinfo. Some 60 deals over 5,000 sq ft were signed, including two large deals to Macquarie Bank and Blackrock. The insurance sector was particularly active. Over half (600,000 sq ft) of the office space let was recently completed, further shrinking the availability of new office floorspace. Rents edged higher. - (24-02-2010)

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Embassy design unveiled

The US Government has appointed architect Kieran Timberlake to design its new £324m embassy at Nine Elms, Battersea, London, SE11. The winning design is a glazed box on a colonnade and crystalline second skin. The size is expected to be about 46,450 sq m (500,000 sq ft). The anticipated ground breaking is in 2013 with completion in 2017. - (24-02-2010)

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Record breaking December

Research by Cityoffices reveals that a record-breaking 74 London office move deals over 5,000 sq ft were agreed in December 2009, totalling 1.8m sq ft. The City saw 800,000 sq ft of deals and Docklands saw 500,000 sq ft of lettings. Nearly 50% of transactions were for new Grade A space requiring extensive fit-out. Average rents were £40 psf and rent free periods averaged a little under two years. - (21-01-2010)

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Developer schedules three schemes for 2010

Land Securities plan to start work on three West End office developments in 2010 with the intention of completion in 2013. The developer is looking to start Park House in London W1, Selborne House in SW1 and possibly Victoria Interchange. Park House includes more than 100,000 sq ft of retail and 160,000 sq ft of office space. Selborne House is close to Parliament. Land Securities is prepared to build both without pre-lets, ahead of likely completion in 2013. - (14-01-2010)

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New Broadcasting House fit out

The New Broadcasting House project for the BBC in Portland Place, W1, is seeking workplace and interior design consultants for the 45,000 sq m (484,380 sq ft) net fit-out of the eight story Phase 2. The £110m Phase 1 involved the refurbishment of Broadcasting House of 16,600 sq m (178,882 sq ft), and the new build East Wing (Egton House), a five storey 6,800 sq m (73,195 sq ft). Phase 1 completed in early 2006. The £262m Phase 2 is an eight storey 54,000 sq m (581,256 sq ft) gross building due to be completed in mid 2009. The fit out project is due to be appointed in the New Year for a start in April 2009 and occupation is planned for September 2012. - (17-12-2008)

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City completion

ING Real Estate has completed its 1,548 sq m (16,667 sq ft) office refurbishment of the seven-storey office and retail building at 2-4 Eastcheap, London, EC3. Tuffin Ferraby Taylor advised. Cuffe was main contractor and the letting agent is King Sturge. - (15-02-2008)

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"Walkie Talkie" building approved

Land Securities, the developer, has won the planning inquiry into its planned £200m, 39-storey skyscraper at 20 Fenchurch Street, London, EC3. The 160m high ‘Walkie Talkie’ scheme, looking a bit like a mobile phone, will provide 55,741 sq m (600,000 sq ft) of office space, 1,114 sq m (12,000 sq ft) of retail space and 3,716 sq m (40,000 sq ft) “Skyroom” function facility. There are also plans for a 1,745 sq m (18,783 sq ft) office next to the tower. Work on the development could start in late 2007 for 2010 completion. - (11-07-2007)

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More view less towers

An interim report from the Department of Culture could lead to changes in the protected view lines for the Tower of London, Westminster Abbey and the Palace of Westminster. London's Unesco World Heritage Sites are seen as being in need of more stringent planning rules to protect them. Any move to extend view lines could be at odds with the Mayor of Londons support for tall buildings. The Government is undertaking a visual impact study to review the current London View Management Framework. Any changes to London view lines is certain to lead to a lively debate. - (15-02-2007)

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Your chance to own Gherkin

The Gherkin (otherwise 30 St Mary Axe) in London, EC3, has been acquired by IVG Asticus, the German fund, and Evans Randall, the private investment bank, from Swiss Re for about £630m, and initial yield of around 4.25%. IVG is thought to be making its 50% stake open to private investors and Evans Randall will place its stake with institutional investors. Both firms are understood to be retaining a 10% stake. - (06-02-2007)

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CityPoint on market

CityPoint in Ropemaker Street, London, EC2, is thought to be about to go on the market with an asking price of £650m. The 34-storey 65,681 sq m (707,000 sq ft) building is owned by US developer Tishman Speyer and partners Schroders, SITQ and UBS, who acquired the property for about £520m in 2006. - (06-02-2007)

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LandSecs new plans

Land Securities has revealed new plans for its (185,000 sq m) 2m sq ft office development on a site on Victoria Street, to the front of Victoria Station, London, SW1. The revised plans are now for two twin 50 storey office towers. The original plans for three skyscrapers of between 25 and 42 storeys were submitted last year but the application was withdrawn. Westminister City Council is looking for one tower of 12 storeys but powers under the Greater London Authority Bill may allow the Mayor of London to overrule the council if the scheme is refused. The scheme therefore seems likely to be called in. - (01-02-2007)

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Elephant & Castle project hots up

St Modwen, the developer, is said to be looking to bid for the redevelopment of the Elephant & Castle site in south London. The London Borough of Southwark is about to issue invitations to tender for the 71ha (170-acre) site. The scheme includes new office buildings, shopping centre, leisure uses and residential. Other groups thought to be preparing bids include Blackfriars Investments, with Royal London Asset Management, Berkeley Group, Hines, the US developer, and possibly Multiplex. The previous attempt by LB Southwark to find a developer partner fell apart in 2002. - (23-02-2005)

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Lloyd's of London building finally sold

The iconic Lloyd's of London building, designed by Lord Rogers, at One Lime Street, London, EC3, has been sold by DekaBank Deutsche Girozentrale to a closed-end German fund fronted by CLI Group, part of Commerzbank, for about £231m. DekaBank paid around £180m for the building in 1996 and has been looking for a buyer for over a year. - (09-02-2005)

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Latest markets views

The latest report from King Sturge sees no significant rental growth in the City of London until 2006 and indicates tenants are now getting up to three years rent free periods on long leases. Tenants are paying around £45 per sq ft in the City and £90 per sq ft in the prime areas of the West End (between Bond Street and Piccadilly). The City still has more than double the vacant office space of the West End making it a buyers market. Cushman & Wakefield Healey & Baker has estimated vacant office space at 18m sq ft in the City of London, making the vacancy rate about 13%. In the West End the vacancy rate is put at about 8%, with 7.4m sq ft of office space vacant. - (13-01-2005)

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Save Smithfield Market

Save Britain’s Heritage (SBH) is setting out to save the western buildings at Smithfield Market from redevelopment plans by the Corporation of London. SBH considers that the impending fight to be as important at that for Covent Garden in the 1970’s. The General Market buildings, owned by the Corporation of London and designed by architect Sir Horace Jones, have been vacant for at least six years. Although the entire complex is within a conservation area only about 60% of the buildings are listed. Thornfield Properties is thought to be working up a planning application for office development supported by the Corporation. The site is part of a plan by the City of London to allow 1m sq ft (92,900 sq m) of development at the western end of Smithfield and the proposed Crossrail track will bisect the site. - (18-02-2004)

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Morgan Stanley to raise offer?

Morgan Stanley is said to be looking for further equity backing to raise its bid for Canary Wharf and could have approached the government of Qatar, British Land and Liberty International. Morgan Stanley could be looking for an extra £200m for it’s bidding vehicle ‘Silvestor’ to raise its offer from 275p to over 292p and try to beat Brascan, which last week matched Morgan Stanley’s latest offer. The 14m sq ft Docklands office complex is now being valued at £1.6bn. The bids by Paul Riechmann, the former chairman of Canary Wharf collapsed two weeks ago and Brascan, the Canadian property and power company, is now thought to have the support of shareholders controlling over 24 per cent of the Canary Wharf shares. - (15-02-2004)

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Helical Bar calls bottom of the market

Helical Bar has joined other property developers in calling the bottom of the central London office market. Michael Slade, managing director, has commented to the effect that although the City of London office market has bottomed out, he saw no rapid upturn and it might not come on-stream for three years. Taking a more positive view of the West End market he has said that it will come on-stream in two years time. - (28-11-2003)

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Parabola submits Kings Cross scheme

Parabola Land has submitted a planning application to London Borough of Islington for an eight-storey 27,870 sq m (300,000 sq ft) office scheme overlooking the Regent’s Canal in Kings Cross, London N1. The scheme will also include an arts centre and gallery along with a café and restaurant. The development, designed by architect Dixon Jones, is to be known as Kings Place, and is on a 0.6ha (1.3-acre) site bounded by York Way, the Regent’s Canal and Battlesbridge Basin. - (06-09-2003)

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US rivals may team up for Canary bid

Goldman Sachs and Morgan Stanley, the rival US investment banks, are said to be making a joint attempt to take control of the Canary Wharf development. The Whitehall Fund, part of Goldman Sachs and Morgan Stanley Real Estate fund are bidding against Brascan, the Canadian property group. Last week canary Wharf received sealed offers for the company. Property analysts are expecting offers of between 260p to 300p a share, putting a value on the company of around £1.5 billion. - (31-08-2003)

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Lambeth rejects Arup scheme

This week the London Borough of Lambeth refused to grant planning permission to the Belvedere Court scheme in York Road, London SE1. The decision was made against the officer recommendation. Belvedere Court is planned by Lend Lease and designed by Arup Associates. The refusal was based on design, overlooking of the listed County Hall, impact of retail on local shops, and loss of public open space. - (20-12-2002)

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Allen & Overy benefits community

Allen & Overy as part of its relocation to Bishops Square, Spitalfields is understood to be required by London Borough of Tower Hamlets to complete a Section 106 agreement on 'community benefits' before planning permission is issued. For a Section 106 agreement to be signed by an occupier, with no involvement in the development, is unheard of in planning law. The agreement is said to cover 'soft' obligations such as working with local schools, training and job opportunities. Once the agreement is in place perhaps the last planning issue on the development will all have been resolved. - (14-11-2002)

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King Cross 'vision' appears

The latest plans for Kings Cross have been unveiled by Argent, and partners London & Continental Railways and St George, pending an outline planning application being submitted for the 29ha (72-acre) site. The last major plans for Kings Cross were by Rosehaugh Stanhope in the late 1980's when over 6m sq ft of office space was proposed. In the mixed-use 'vision' office development is contained in blocks 4 and 5 as the 'Southern Hub' and also in Blocks 7 and 8 to the rear of the site. The office blocks range between 8-25 storeys, with the potential to go higher. The remainder of the scheme includes retail, residential and leisure uses and the total floorspace of all uses is between 7m to 8.6m sq ft. Jones Lang LaSalle is advising on the development, which will not be able to start before 2007. - (06-10-2002)

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Cannon Bridge sold for £167m

The headquarters of the London International Financial Futures & Options Exchange (LIFFE) has been sold in a £167m deal, a yield of about 7.9%. The 250-year lease on the 26,477 sq m (285,000 sq ft) building at Dowgate Hill, off Cannon Street EC4, has been acquired by Fordgate, a secretive private property group run by the Gertner brothers. The deal, one off the biggest this year, shows a profit for Pillar Properties, which paid Railtrack and General Electric £64m for the building in 1995. Pillar sold a 75% stake in the building to the Teachers Insurance and Annuity Association, the US pension fund, in 2000 for about £140m. Liffe occupies about half of the Canon Bridge building and has a 'rolling' tenant break. The rest of the space is occupied by Standard Chartered Bank and Winterflood Securities. In July 78 Cannon Street, adjoining Cannon Bridge, was sold by Marylebone Warwick Balfour (MWB) to Hines, the US property developer, for £53.3m. In the 1980's developer Speyhawk was considering linking the two buildings and there must still be potential for longer term redevelopment. Pillar and Teachers were advised by FPD Savills. - (06-10-2002)

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Deutsche Bank tower for EC2

Deutsche Bank is said to have plans for a 38-storey skyscraper on the edge of the City of London to be developed by its property arm Deutsche Grundbesitz (DGI). The building planned for Ropemaker Place, Ropemaker Street, London EC2 is said to be a "commercial development" and Deutsche has refused to say if it intends to occupy the building. The 200m high tower has been designed by Sheppard Robson and will rise to 10 storeys before leaning 20 degrees from vertical before straightening up. The bank was looking for a second headquarters building last year but this is now said to be no longer a top priority. No formal planning application has yet been made to London Borough of Islington. - (16-02-2002)

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Richard Rogers' twin towers

Canary Wharf Group has confirmed that the Richard Rogers Partnership is working on building designs for a riverside site to the south of Westferry Circus, London E14, and adjoining the Cascades residential scheme. The plans are said to be at an early stage and no details are being made available. However the scheme is thought to include two towers, each of around 37-storeys and 44-storey and could provide a further 148,643 sq m (1.6m sq ft) of office space or a mix of uses. - (16-02-2002)

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West End firms put space on market

A number of London firms based in the West End are currently rationalising their offices. Tiscali's takeover of World Online has released its 1,665 sq m (17,922 sq ft) at 20 Broadwick Street in W1; Advertising agency CDP is marketing its 33 Soho Square headquarters in W1; EPB Communications is looking to dispose of its Berners Mews offices in W1; IT company, Informa is looking to dispose of 745 sq m (8,019 sq ft) at Newlands House W1, while Colt Telecom is about to market its 3,345 sq m (36,000 sq ft) office at 79 New Cavendish Street, also in W1. - (14-11-2001)

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Bidding race at St Katherine's Dock

TrizecHahn, the Toronto-based property investment company, and Rugby Estates, backed by UBS, the Swiss Bank, and Hilstone, the developer, are said to be shortlisted to compete to buy Taylor Woodrow's St Katherine's Dock development in London E1. The bidding for the 1970's development is said to be close to the asking price of £250m. The development comprises mainly residential units but includes a site with planning permission for a 16,722 sq m (180,000 sq ft) office scheme known as K2. Other losing bidders are said to include Marylebone Warwick Balfour, the property company, with JE Robert and Greycoat; Catalyst Capital with Blackstone, and Lehman Brothers, the US funds; and CIT. - (15-10-2001)

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Land Securities buys in WC1

Compaq, the US computer company, has sold the 7,803 sq m (84,000 sq ft) net Enterprise House, 190 High Holborn, London WC1 to Land Securities in a £30m deal. The eight-storey building currently accommodates disaster recovery and data storage operations and Compaq will vacate the building by the end of 2001. Land Securities is understood to be intending to offer the refurbished space at around £50 per sq ft, below current rent levels for new space. Saxon Law advises Compaq and Land Securities was advised by King Sturge. - (01-10-2001)

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Sainsbury 'oval office' approved

Sainsbury's plans for a new office building in Stamford Street, London SE1 have been approved by London Borough of Southwark. The 34,838 sq m (375,000 sq ft) Foster & Partners designed building will create a five-storey 'podium' block rising up to 18-storeys as an oval-shaped tower. The development is on the site of the existing Sainsbury head office building. The building could be completed in 2004 and Sainsbury could then relocate from its new headquarters at 33 Holborn Place EC1. Sainsbury is thought to be looking for a joint venture partner to develop and finance the scheme. - (01-10-2001)

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'right to light' claim

Churchill Securities is now said to be seeking an injunction against Marks & Spencer claiming that its development at 70 Gracechurch Street, also known as Limebank House, 168 Fenchurch Street, London EC3 affects a "right to light" clause on an adjoining building that Churchill owns. It appears that discussions have not resolved the issue and the threat of legal action is making it harder for M&S to find a tenant. Churchill is thought to have made M&S an offer of £150m for the building, subject to planning consent being granted to convert the recently completed building into a 34-storey tower (which would reportedly cost another £130m).

Colliers Conrad Ritblat Erdman and Jones Lang LaSalle are the letting agents for the scheme. It has also been reported that three City firms have pulled out of negotiations for Limebank House due to the legal problems. - (01-10-2001)

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'Groundscraper' to 'Skyscraper'

Minerva, the property developer, is said to be about to submit a new planning application for its St Botolph's House site in Aldgate, London EC3. Minerva already has planning permission for a 14-storey 'groundscraper' development of about 48,473 sq m (525,000 sq ft) but is now looking to build a 36-storey skyscraper, with a net lettable area of around 1.1 million sq ft. Floorplates will be about 2,972 sq m (32,000 sq ft) each. The scheme will also include 1,765 sq m (19,000 sq ft) of retail space and a roof top restaurant. Nicholas Grimshaw has designed the building, which will be 516 ft high, making it slightly lower than Tower 42. - (09-09-2001)

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Canary looks to Tarmac site

Canary Wharf Consortium, the property developer, is said to be looking to buy a site from Tarmac to extend its 13.5m sq ft office scheme. Tarmac's office complex is at the western end of Heron Quays and was one of the first 'high-tech' developments in the Docklands area in the mid 1980's. It is now thought that the site could now accommodate an office development of over 1 million sq ft. Canary Wharf recently extended its ownership by buying a 6.7-acre site to the north of the main office complex. - (25-08-2001)

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SMUT e-mails on Spitalfields

The Spitalfields Market Under Threat (SMUT) group, which is fighting the plans to redevelop the east London market, has stepped up its campaign. SMUT is understood to have e-mailed over 1,000 key figures asking them to sign a petition objecting to the materials Foster & Partners are proposing to use on office buildings. A detailed application for the first phase of the 25,000 sq ft office complex is to go to the London Borough of Tower Hamlets' planning committee next month. - (25-08-2001)

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Grosvenor may buy 41 Lothbury

Grosvenor, the private property company, is said to be in advanced negotiations to buy 41 Lothbury, London EC2 from the Royal Bank of Scotland. The scheme has planning approval for the refurbishment and partial redevelopment of the 9-storey, Grade II listed, building, the former National Westminster headquarters. The scheme involves a change of use from a banking hall to office (B1) use, with retail and restaurant space. The net office floorspace proposed is estimated to be about 13,935 sq m (150,000 sq ft). DTZ Debenham Tie Leung is thought to be advising RBS and CB Hillier Parker is acting for Grosvenor. - (29-07-2001)

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'Guidance on tall buildings'

English Heritage in its new statement 'Guidance On Tall Buildings' discourages tall buildings in historic areas of London and suggests better locations are those such as Canary Wharf, Stratford and Croydon. The report has been produced jointly with the Commission for Architecture and the Built Environment (CABE). The statement says "the overriding consideration will be whether the location is suitable for a tall building in terms of its effect on the historic environment. If not, then no tall building will be acceptable, however good the design". This seems to reverse previous thinking that allowed the Baltic Exchange to be demolished to make way for the Swiss Re tower. The report reinforces the current St Paul's protected view and is for maintaining views from royal parks. In the same report CABE says that first-class design should be paramount and that an exceptional scheme could override other considerations. - (12-06-2001)

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Exchange Tower on market

The London Stock Exchange has confirmed that it is to relocate to King Edward Court at Paternoster Square EC4 in 2004. The London Stock Exchange is said to have taken a 25-year lease at £12.5m per annum. Exchange Tower, currently partly occupied by the exchange, has been valued at £93m and will be sold for redevelopment. The London Stock Exchange has owned the freehold of the building since 1972. The London Stock Exchange was advised by Insignia Richard Ellis. - (12-06-2001)

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British Land may raise up to £1.5bn

British Land is said to be considering plan to raise up to £1.5bn to fund its development programme. The funds could be raised in a series of securitisations of its retail portfolio, which includes the Meadowhall shopping centre in Sheffield. The group is also thought to be looking at ways to refinance much of its office portfolio in London. British Land is expected to give further details of its plans when it announces full year results at the end of the month. - (20-05-2001)

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Skanska sells to Axa Sun Life

Skanska, the Anglo-Swedish construction group, has sold its last two investment properties in London to AXA Sun Life for just under £91m. The two developments are at Thomas More Square, E1 and 55 King William Street, EC4. The 22,000 sq m (236,840 sq ft) Trinity Tower at Thomas More Square, overlooking St. Katharine Docks, completes the bulk of Skanska's sale of the development, which began last year. The King William Street property comprises 5,839 sq m (62,859 sq ft) of offices with some retail and leisure uses. Frederick Wirdenius, President of Skanska's Project Development Europe said: ‘These two sales, which made a profit for Skanska of £34 million, represent the completion of Skanska's divesting of its real estate portfolio in London. It also creates possibilities for continued investments in other attractive growth areas in Europe.’ - (11-05-2001)

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Railtrack tower proposed for E1

Railtrack Property has submitted plans for a new office and retail scheme on the edge of the City of London. The proposed elliptical glass and steel development, on the corner of Norton Folgate and Worship Street, in London E1, has been designed by Kohn Pedersen Fox, and will have 19,000 sq m (204,521 sq ft) of offices in a 23-storey tower. It is said that Railtrack had hoped to create a larger development by linking the site to the adjoining site owned by Lehman Brothers. The bulk of the scheme will be built over the railway lines and will include 200 sq m (2,153 sq ft) of retail space next to the main office entrance. - (30-04-2001)

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SDS delayed again

The strategic plan for London is said to have been delayed and will not now be released for comment until 7th May. The proposals document of the Spatial Development Strategy (SDS) was originally due for release in December 2000. The question seems to be is Nicky Gavron, the deputy mayor, still in charge of the SDS planning policy?. There are reports in last weeks planning journal that London mayor Ken Livingstone is taking an active involvement and asked his economic advisor, John Ross, to rewrite parts, hence the latest delay. - (22-04-2001)

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Sainsbury plans SE1 towers

Foster & Partners has revealed plans for a 35,765 sq m (385,000 sq ft) 19-storey oval office tower to replace food retailers Sainsbury's existing Drury House and Stamford House headquarters at Stamford Street, London SE1. Sainsbury is linked with Stanhope on the proposals. A planning application for the £270m scheme has just been submitted to London Borough of Southwark along with an application for a second new building on the firm's car park site in Maymott Street. The tower has a tapered 'neck' and a low-rise office block forms the base. A Sainsbury's 'Central' supermarket could be incorporated in the ground floor. The 14,490 sq m (156,000 sq ft) Maymott Street scheme could cost £70m and is planned as a 22-storey tower designed by architect Lifschutz Davidson. Sainsbury is working on the site assembly for the scheme and is said to be in the process of acquiring Wakefield House and 19-21 Blackfriars Road from Dunloe Ewart, the developer. Sainsbury is thought to be seeking to develop around 46,451 sq m (500,000 sq ft) in the various SE1 developments for completion in 2004. Sainsbury is still thought to be considering its options on the 11,150 sq m (120,000 sq ft) Rennie House, on the south side of Stamford Street. Sainsbury staff will relocate to 33 Holborn Place, London WC1, to allow the headquarters development to proceed. Healey & Baker is advising Sainsbury. - (22-04-2001)

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41 Lothbury plans approved

The Royal Bank of Scotland has received planning approval to the refurbishment and partial redevelopment of the Grade II listed, former National Westminster headquarters, at 41 Lothbury, London EC2. The scheme involves a change of use from a banking hall to office (B1) use, with retail and restaurant space and also includes 12 Angel Court, which adjoins the main building. The gross floorspace of the proposals for the 9-storey building is put at around 26,000 sq m (279,864 sq ft), and the net office floorspace is estimated from the plans to be about 13,935 sq m (150,000 sq ft). - (22-04-2001)

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London Stock Exchange to stay in City

The London Stock Exchange is reported to have decided to take a pre-let on the 19,440 sq m (209,260 sq ft) King Edward Court building at Paternoster Square, London EC4. The London Stock Exchange had been rumoured to be considering a move to Canary Wharf but it is thought that no suitable space was available. In particular the London Stock Exchange is said to require "its own front door". The King Edward Court building is being developed by Mitsubishi Estates and is planned to be completed in 2004. The London Stock Exchange has about 500 staff and occupies just over half its existing building in Old Broad Street, London EC2. It is said that the exchange may now sell the 26-storey 1970's tower as a redevelopment scheme. - (09-04-2001)

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Victoria plans revived

Plans by Railtrack to redevelop the major rail interchanges in central London continues apace. A £250m mixed-use redevelopment scheme for Victoria Station, London SW1, first mooted in the mid-1990's, is being revived. Railtrack is said to be working on a revised masterplan for the Victoria site, which could see an office and retail development of about 46,451 sq m (500,000 sq ft) built at the station. The latest scheme seems likely to integrate a new bus terminal within the scheme with offices above. In addition to the Victoria proposals Railtrack is currently working on plans for 'office-led' mixed-use schemes at Paddington, London Bridge, Kings Cross and with Pillar at Cricklewood, north London. There have also been rumours of investigations by Railtrack on the potential of redeveloping at Waterloo. At Victoria, Railtrack is said to be about to undertake a study, along with other developers with schemes in the area, to assess the level of demand. The developers could include Land Securities, Grosvenor Estate, and Howard Ronson International. The total future potential of developments in the Victoria area amount to over 1.5m sq ft of office space. An end-user 'demand' survey would be no doubt be helpful as at present everyone seems to be chasing Enron, the US energy company, which has the largest known West End requirement. - (26-03-2001)

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Ernst & Young confirm SE1 pre-let

Ernst & Young, the accountancy firm, has confirmed that it is to take about 35,767 sq m (385,000 sq ft) at CIT's More London Bridge development in London SE1. Ernst & Young is said to be taking Building 1A, with an option to take a further 10,684 sq m (115,000 sq ft) in the linked Building 1B. The firm's relocation in early 2003 could release up to 12 buildings onto the market, including Rolls House, 7 Rolls Buildings, London EC4 and Becket House and York House, London SE1. DTZ Debenham Tie Leung is advising Ernst & Young. - (25-03-2001)

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'Self Cleaning' glass launched

Pilkington, the UK glass company, has announced a 'self cleaning' glass pane, named Activ glass. The new galss uses a special coating to to prevent rainwater sticking to the surface and also reacts with ultraviolet light to dissolve dirt. Activ will be available next month in Ireland, which has been chosen for the test launch because of its generally wet weather. Activ will launch in Europe at the end of the year. - (07-03-2001)

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Ernst & Young to More London Bridge?

A report in this weeks Sunday Business has said that Ernst & Young has decided to relocate to purpose built offices on the South Bank. Ernst & Young had been linked to taking office space at One Westminster Bridge but following the decision to refuse planning approval it is possible that the firm is now again looking closely at taking space at CIT's More London Bridge in SE1. Ernst & Young has in the past been linked to Plot 4 at More London Bridge for a 40,864 sq m (439,865 sq ft) building. - (25-02-2001)

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Orange gets the Point

Orange, the telecoms company, is said to have pre-let the whole of the 'Point' building at Chelsfield's Paddington Basin scheme at North Wharf Road, London W2 as its global headquarters. The Point has been designed by Terry Farrell & Partners and provides about 20,657 sq m (222,352 sq ft) of office space. Orange is thought to be moving staff from its London offices, Paris and other European cities by the end of 2002. King Sturge is advising Orange. - (20-02-2001)

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Lehamn Brothers take HQ2

Lehman Brothers, the US investment bank, has confirmed that it is to move its European headquarters to the HQ2 building at Heron Quays, Canary Wharf, London E14. The building, designed by Cesar Pelli, is due for completion in August 2003. HQ2 is planned as a 30-storey 95,081 sq m (1,023,444) sq ft tower and Lehman Brothers is said to have an option to extend the building by linking with HQ1 of 26,955 sq m (290,141 sq ft). Lehman Brothers is advised by Insignia Richard Ellis. - (19-02-2001)

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Topland could invest £600m in City

Topland, the privately owned property company, is said to be looking to acquire up to £600m of property in the City of London, and has just acquired 33 King William Street, London EC4 for £85m from Land Securities. 33 King William Street was built in 1983 and provides around 13,000 sq m (140,000 sq ft) of office space, it is the home of Merrill Lynch Investment Managers. Last year Topland acquired 51-55 Gresham Street EC2 from Land Securities for £46m and recently bought 150 Aldersgate Street EC1 from Slough Estates for £33m. - (02-02-2001)

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Letting agent pre-let at Paternoster?

CB Hillier Parker, the surveying firm, is rumoured to have committed to having its new headquarters at Paternoster Square, London EC4. The firm is marketing the Paternoster scheme on behalf of Misubishi Estates subsidiary Paternoster Associates and the deal would be the first pre-let at the development. CB Hillier Parker is thought to be taking the 9,570 sq m (103,000 sq ft) St Martin's Court building, which could be completed in 2003. - (28-01-2001)

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Canary Wharf heads for FTSE 100

Canary Wharf is this week the UK's largest quoted property company, overtaking Land Securities. The market capitalisation of Canary Wharf Group plc surged to £3.94bn earlier in the week against Land Securities' £3.91bn, according to Datastream. HSBC has calculated that Canary Wharf is 76th by market capitalisation within the FTSE 350 and is expected to join the FTSE 100 soon. - (12-10-2000)

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'Gerkin' may face judicial review

The Baltic Exchange is said to have pledged financial support to a legal challenge by Save Britain's Heritage to John Prescott's decision not to hold a public inquiry into the proposals to demolish the Grade II listed Baltic Exchange building in St Mary Axe, London EC3 and replace it with a Foster & Partners' designed skyscraper, nicknamed the 'Gerkin'. Save is understood to have just lodged an application to the High Court seeking leave to apply for a judicial review over the decision. - (01-10-2000)

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