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US firm takes a floor

London Offices – An Olympic Year?

Victoria scheme deal

Tower letting

Central London - a Sack Full of Refurbs

Tower sees more deals

Tower deal in EC2

Tower completion

City behemoth consent

City office tower deal

Docklands scheme cleared

Heron Tower first deal

Shell letting details

Stone House redevelopment

Heron Quays latest

Victoria completion

Peak reaches peak

Offices on hold

South Quay office consent

New scheme in E14

Canary Wharf application

Demolition for tower

Heron to start demolition

Shell seeks developer

Dockland towers application tipped

Victoria scheme start date

Heron appoints in EC2

Taller tower for Bishopsgate

Bishopsgate tower details

Wood Wharf appointments

Tower race in the City

British Waterways progresses E14 Wharf

Ronson forecasts skyscraper demise

Enquiry into 'Shard of Glass'

Heron Tower go-ahead

Showdown for Ronson and English Heritage

Heron space now letting

Heron submits skyscraper application

Selfridges shortlist down to two

Clifford Chance to take tower at Canary Wharf

Heron rumoured to be selling Procession House

Heron's skyscraper plans to be submitted

January total up

Central London office lettings in January 2012 reached a healthy 850,000 sq ft. The total was underpinned by UBM's 103,000 sq ft pre-let of part of 240 Blackfriars Road in London, SE1. Other Grade A lettings included deals at Heron Tower, 200 Aldersgate Street and The Peak in Victoria. The Core saw 500,000 sq ft of deals compared to 350,000 sq ft in the fringe in a total of 40 transactions over 5,000 sq ft. - (15-02-2012)

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Heron Tower deal

Bank Snoras, the foreign bank, has taken 1,205 sq m (12,969 sq ft) on the 20th floor of the newly-completed Heron Tower at 106-126 Bishopsgate, London, EC2. The rent is thought to be around £55 per sq ft. Mellersh & Harding advised. - (24-09-2011)

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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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Glasnost - Online Project, Contact & Image Management

Tower topped out

110 Bishopsgate a.k.a Heron Tower, the 46 storey, 230m high, building that will provide 40,836 sq m (439,560 sq ft) of grade A office space close to Liverpool Street Station, London, EC3 was topped out today. Heron International, will complete the tower in March 2011, when in addition to the office space the building will also provide apartments, restaurants and skybar. Heron chief executive Gerald Ronson said "I believe that Heron Tower has come to market at the right time.” - (12-04-2010)

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Heron Tower preparation

Heron Tower Property Unit Trust has begun demolition work in preparation for construction of its 220m high office tower at 110 Bishopgate and Camomile Street in London, EC3. Site clearance works by contractor Skanska will be followed by construction in early 2007 for 2010 completion. The Heron Tower will be over 60,000 sq m (650,000 sq ft). Kohn Pederson Fox is the architect. - (07-07-2006)

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Heron Tower start date

Heron International has announced that it intends to start construction of its 37-storey office tower at 110 Bishopsgate, London, EC2, in early 2006. Construction of the 183m high skyscraper will commence despite the lack of pre-lets. Completion is expected by early 2008. - (17-03-2005)

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British Waterways in search of a partner

British Waterways has launched an international competition to find a development partner for its 8.3ha (20-acre) Wood Wharf site, adjacent to Canary Wharf, in London Docklands, E14. This follows last years approval of a 464,511 sq m (5m sq ft) masterplan for the £2bn mixed-use scheme. The planned development includes 325,158 sq m (3.5m sq ft) of offices, retail and hotels, and 1,500 homes. The designs could include two office towers of 35-storeys, located at the western end of the site opposite Heron Quays. British Waterways, advised by ATIS Real Weatheralls, is thought to be intending to submit the first detailed planning applications for the site in 2005. - (16-02-2004)

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DIFA plans City skyscraper

Some brief details of the proposed 50-storey office tower at 6-8 Bishopsgate have been revealed. It appears that discussion on the tower, for German developer DIFA, have been held with the Corporation of London and the Mayor's office. However a planning application will not be submitted until after a decision on the Heron tower, currently at public inquiry, is made. The architect for the scheme is reported to be Helmut Jahn, the New York architect. - (04-12-2001)

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Lord Rogers supports Heron Tower

Lord Rogers, the architectural advisor to the Mayor of London has told the inquiry into the Heron Tower, proposed for 110 Bishopsgate EC2, that a failure to press ahead with the scheme would threaten London's future prosperity by discouraging investors from locating in London. The inquiry is expected to last another four weeks and the outcome is seen as a test case for the future development of tall buildings in London. - (17-11-2001)

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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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Quangos go "head to head"

The Commission for Architecture and the Built Environment (CABE) has announced that it is to appear at the public inquiry into the proposed Heron Tower at 110 Bishopsgate, London EC2. CABE will appear in support of the scheme when the inquiry starts at the end of October. CABE's views are contrary to those of English Heritage, which is objecting to the scheme. CABE's chief executive Jon Rouse has been quoted as saying that it is willing to go "head to head" with English Heritage over a scheme it believes is suitable. "It's a bit like David against Goliath, but we have to stand up and be counted," he is reported as saying. - (17-08-2001)

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Canary Wharf goes to £41 per sq ft

Canary Wharf has agreed the biggest single lease transaction in central London in its 93,000 sq m (1,001,052 sq ft) deal with Lehman Brothers, the US investment bank. Lehman Brothers will take the Cesar Pelli designed 30-storey HQ2 building, now under construction at Heron Quays, London E14, at a rack rent of £441.32 sq m (£41 per sq ft). Lehman Brothers will occupy the building in late 2003 and vacate about 40,000 sq m (430,560 sq ft) at Broadgate in London EC2. Insignia Richard Ellis advised Lehman Brothers on the transaction. - (06-04-2001)

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"Shard of glass" revealed

The designs for the £350m skyscraper at London Bridge station, SE1 have just been unveiled. The 66-storey tapering glass tower, designed by Renzo Piano and Broadway Malyan, for developer the Sellar Property Group, will, if built, be the tallest in Europe at 1,016 ft tall. The lower half of the tower is planned as a 27-storey 55,741 sq m (600,000 sq ft) office block, with the upper 15-storey as a hotel and apartment complex. A planning application for the "shard of glass", otherwise known as the London Bridge Tower, could be submitted to the London Borough of Southwark next week. The scheme has been reduced by about 14-storey following initial comments from CABE, the architectural advisory body. There seems little doubt that this scheme, along with Heron's Bishopsgate tower, will become the centre of debate, around which London local government and advisory bodies will finally have to establish an agreed policy towards tall buildings. - (20-03-2001)

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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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Court of Common Council agrees Heron scheme

The Corporation of London's Court of Common Council has voted in favour of the planning committee's recommendation that permission be granted to Heron's 110 Bishopsgate skyscraper in EC3. The building at 43-storeys will become the City's tallest tower. The secretary of state, John Prescott, has three weeks to call the scheme in and English Heritage is said to be carrying on its campaign to stop the proposed development. - (02-02-2001)

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Crown Estate buys Fleet Place House

The Crown Estate acquired Fleet Place House, London EC4 in January 2001 from Heron London Developments for £59.9m, reflecting a net initial yield of 6.7%. CB Hillier Parker acted for the Crown Estate and Insignia Richard Ellis for Heron. - (02-02-2001)

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Heron Tower wins planning consent

110 Bishopsgate, the planned 43-storey Heron Tower, in London EC3 has been approved by the Corporation of London planning committee. The scheme, designed by Kohn Pedersen Fox, will now go to the Court of Common Council on 1st February 2001. The tower was approved despite objections by English Heritage, which said the building would affect the views of St Paul's from Waterloo Bridge. The Heron Tower will be the tallest building in the City of London but will appear lower than Tower 42 (the former NatWest Tower) as it is to be built on lower-lying land. - (18-01-2001)

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Heron buys Equitable Life site

Equitable Life has sold a redevelopment site in Bishopsgate to Heron International. The site, which includes Stone House, 128-140 Bishopsgate; Staple Hall, 87-90 Houndsditch; Devonshire House, 142-150 Bishopsgate; and 13-17 Devonshire Row, London EC2, is opposite Heron's 110 Bishopsgate site (Kempson House). Equitable Life paid £45m for the four buildings in 1999 and has sold them for £60m, reflecting a yield of 7.5%. BH2 acted for Equitable Life. In September 2000 Equitable Life submitted a planning application for a scheme, by Sidell Gibson, involving the part refurbishment and part redevelopment of the buildings on the site. - (17-12-2000)

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Equitable Life plans scheme in Bishopsgate

The Equitable Life Assurance Society has submitted a planning application for the demolition of Stone House and Staple Hall in London EC2 and the rebuilding behind facades. In addition properties at 1 and 3-5 Stone Court, 142-148 Bishopsgate, and 1-11 & 13-17 Devonshire Row are to be refurbished. Overall the new development will provide 18,650 sq m (200,748 sq ft) net of office space and 5,800 sq m (62,431 sq ft) net of retail space. The scheme would be opposite the site at 110 Bishopsgate on which Heron propose to build a skyscraper development. - (01-10-2000)

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Morgan Stanley Dean Witter take HQ1 at Canary

Morgan Stanley Dean Witter, the US investment bank, has taken the HQ1 building at Heron Quays, Canary Wharf London E14. The building, which is adjacent to the Heron Quays DLR station, will provide 47,565 sq m (512,000 sq ft) in a 13-storey development. The ground works and infrastructure for HQ1 is underway and the building is due for completion in 2003. The building will be linked directly the new 85,000 sq ft Jubilee Park retail scheme and the the Jubilee Line Station. - (27-09-2000)

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Company Details for Heron International