Great Portland Estates, a London developer, has confirmed that Lendlease will construct a major 13-story office scheme in the Square Mile. The decision will lead to the construction of a 320,000 sq ft 2 Aldermanbury Square development.
It comes after the announcement of a pre-let deal with legal firm Clifford Chance to take all floors of the building. The lease agreement is subject to the satisfaction of two planning conditions by May 2023. This is as well as full approval from the City of London.
City Place House on 55 Basinghall Street, a marble-clad office block in Moorgate, is already being demolished. The bulldozing is being done by demolition contractor Keltbray to make way for the project. Consequently, the Aldermanbury Square project is expected to cost around £130 million. The new structure will be net zero carbon. It will have an enhanced public realm and amenity area, as well as new retail space.
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The Aldermanbury Square development
“City Place House is next in our near-term development pipeline, with a potential start date of early 2022,” said GPE Development Director Andrew White. It will be an outstanding structure that meets the needs of current and future occupiers. Furthermore, it delivers the highest levels of sustainability and expanded public realm and amenity.”
“We are excited to be building a new home back in the City of London for one of the world’s pre-eminent law firms. We have enjoyed working with the City of London, as well as Clifford Chance, to create a best-in-class office building,” said Toby Courtauld, Chief Executive of GPE.
“In Clifford Chance, we have found a partner who shares our values. In particular, the company also shares our commitment to the highest sustainability standards. With 2 Aldermanbury Square on track, we will meet our 2030 sustainability commitments almost five years ahead of schedule.”
“This is GPE’s largest ever letting. It is also yet another example of the City of London’s enduring allure. This is as well as the resilience of the wider central London office market,” he added. We are thrilled to welcome Clifford Chance to GPE. Furthermore, we look forward to collaborating with them on the development of their new global headquarters.”
