European real estate developer EDGE and Goldman Sachs Asset Management Real Estate have formed a new joint venture for the new office project in London to be known as “EDGE London Bridge”.
The site was originally secured by EDGE on a subject-to-planning basis in June 2019. Goldman Sachs has acquired a 75% stake in EDGE London Bridge office development.
Although this development will be the first UK joint venture for EDGE and Goldman Sachs, both firms have worked together in the Netherlands on a number of projects since 2013.
The site has a planning consent for approximately 260,000 square feet of office space, designed by renowned London-based architecture firm, Pilbrow and Partners.
As with all EDGE projects, the bar for sustainability is set high. EDGE London Bridge aims to lead the way in the London Office market with an ambitious targeted regulated energy consumption of less than 23 kWh/sqm. This will allow the energy intensity of the building to align with both the RIBA 2030 Climate Challenge operational intensity targets for new build offices as well as the London Energy Transformation Initiatives (LETI) which are said to be “Paris-proof” as they align with a net-zero carbon trajectory. This is a key offering for potential tenants as the development seeks to help them achieve their sustainability objectives.
The tower will be partly constructed in cross laminated timber, which offers a high level of flexibility for inter-connected floors and aligns with the ambition to achieve an exceptionally low whole life embodied carbon intensity of 650 kgCO2e/sqm which falls well below the RIBA 2030 Climate Challenge embodied carbon intensity target. In line with the United Kingdom Green Building Council’s (UKGBC) the project aims to achieve Net Zero Carbon status, focusing on carbon reductions first, secondly generating renewable energy onsite, and finally offsetting the remaining carbon emissions through a recognised offsetting framework. EDGE London Bridge is setting a benchmark for tower schemes in London and more globally.
The development will target both BREEAM Outstanding, WELL Platinum and Wired Platinum accreditations. With such credentials, the development will be well positioned to help tenants achieve their own ESG targets.
”We are thrilled to partner with Goldman Sachs for this landmark project, and to continue on our mission to bring better buildings to more tenants and cities across the world,” said Fons van Dorst, Executive Managing Director UK at EDGE.
”We are delighted to continue our longstanding partnership with EDGE to deliver one of London’s most ambitious and sustainable ground up office developments, leading the way on both embodied carbon and in-use energy consumption. We believe EDGE London Bridge will set a great example in the market and prove attractive to ESG focused tenants and ultimate investors alike, which in turn will drive strong investment performance for Goldman Sachs and our clients,” said Chris Semones, a Managing Director in the Real Estate business within Goldman Sachs Asset Management.
With Goldman Sachs and EDGE as equity partners and committed development financing in place, construction is scheduled to start later this year with completion expected in mid-2025.
