Contract awarded for renovation & expansion of 41 Lothbury’s office building in London

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US real estate investor Pembroke has awarded a £53 million contract to Wates Construction in order to renovate and expand 41 Lothbury’s office building in London.

The 129,521-square-foot office building is located a short distance from the Bank of England, at 41 Lothbury. It was constructed in 1926 to serve as the Natwest bank’s corporate headquarters. Its upcoming renovation signifies Wates’s return to the site after its last renovation back in 2004.

The law firm Addleshaw Goddard has signed a 15-year lease for 114,000 square feet of the structure. The lease will start when construction is finished in early 2024.  According to 41 Lothbury’s office building plan created by architects Stiff & Trevillion, Wates will redesign the rooftop space that currently exists on floor seven. They will also add an eighth floor with additional outdoor terraces. New meeting spaces, statement lighting, and artwork by designer Jason Bruges will be added to the Banking Hall.

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41 Lothbury’s office building project

The project aims to achieve NABERS, Wired Platinum, and BREEAM Excellent accreditation. The circular economy and material reuse concepts are being implemented, and air source heat pumps will be used for heating.

“It is an honor to be selected as Pembroke’s trusted partner of choice and return to 41 Lothbury’s office building. Thus, we will solidify this historic building’s destiny for the next generation of city workers,” said Phil Shortman, regional managing director of Wates Construction.

“Pembroke’s innovative strategy for partnering is extraordinary. We have grown a strong, collaborative relationship based on similar principles. This is in order to establish a destination office space at this famous site.  Thus, I’m eager to watch this cooperation develop further,” concluded Shortman.

Additionally, Wates Construction is presently working on the sites of Landsec’s Lucent project behind the Piccadilly Lights, British Land’s Plot A1 at Canada Water, and Cadogan Estates’ mixed-use project at 196-222 King’s Road in Chelsea.