M&G Real Estate has appointed Savills, Knight Frank and Cushman & Wakefield as joint agents on 40 Leadenhall Street in the City of London, where it is developing a new 905,000 sq ft office complex.
The site, in the heart of London’s financial district, has permission for the development of two towers, providing 14 and 34 storeys of of prime office space. The new buildings’ carbon emissions will be 30% below current regulations and are expected to achieve a BREEAM Excellent rating.
40 Leadenhall Street is part of the City of London’s ‘Square Mile’ financial district, comprising a portfolio of properties that will form two prime office towers once the development is complete, with frontages on Leadenhall Street and Fenchurch Street. This is one of few such large scale, high spec buildings being delivered in London in the next four years.
“Following the signing of the build contract Mace and the commitment to start construction in March this year, the appointment of the leasing agents takes the project at 40 Leadenhall Street into an exciting new phase. We expect a landmark development such as this – committed to providing best in class occupier amenity with an emphasis on employee wellbeing and sustainability – to be in greatly in demand from occupiers seeking to grow their businesses, and attract and retain the very best talent,” said Martin Towns, Head of UK Commercial & Global Capital Partnerships, at M&G Real Estate.
Construction is due to start in March 2020, with completion expected by September 2023.
Acquired for £875 million in November 2019, the site was purchased through M&G’s £144 billion Prudential with-profits fund, on behalf of the fund’s five million UK policyholders.
The deal provides clients and customers with good value exposure to the central London office market, which offers strong value in comparison to other global cities such as Frankfurt, Paris and Tokyo.