CBRE IM and King Street, in partnership with Arax Properties, have successfully secured refinancing for 280 Bishopsgate, a Grade-A office building in the heart of London.
A competitive financing package was provided by a leading financial institution along with Delancey, replacing the property's maturing loan.
The refinancing process attracted significant interest from a wide range of lenders, demonstrating continued investor confidence in high-quality office assets, even amidst ongoing changes within the office sector.
Christina Forrest, EMEA head of Value-Add Funds at CBRE IM, said: ‘Refinancing risk continues to be significant in the current market. We received an exceptionally high number of offers for the refinancing from a variety of leading banks and debt funds, which is a testament to 280 Bishopsgate’s quality and strong covenants.’
Martin Farinola, head of real estate debt strategies at Delancey, added: ‘An uncertain lending environment has created an opportunity for property-focused investment managers like us to access high quality real estate at a different point in the capital stack. We see there is continued demand for Grade A-plus offices in super-prime locations, such as 280 Bishopsgate, as blue-chip occupiers require best-in-class space that reflects their corporate values and appeals to top-tier talent.’
280 Bishopsgate occupies a prominent location in the heart of London's financial district, directly opposite Liverpool Street Station. This well-connected hub offers tenants access to various train and tube services, including the Elizabeth Line.
The 25,548 m2 building underwent a complete and successful refurbishment in 2022. Global law firm Baker McKenzie secured a significant pre-let agreement for 12,449 m2 on a 15-year lease. Currently, the building is fully occupied with Abrdn and Cognizant also holding tenancy agreements boasting an average lease term of 11 years (WALB).
The building features a unique, expansive dual reception designed by MoreySmith, spanning the entire building's length, creating a connection between Bishopsgate and the green spaces of Bishops Square in Spitalfields. Additionally, every floor boasts private terraces, with convenient lift access to the building's extensive communal roof gardens and a dedicated Wellness Suite. 280 Bishopsgate's commitment to sustainability is further emphasized by its certifications: BREEAM Outstanding, International Well Building Institute (IWBI) Platinum, CyclingScore Platinum, and WiredScore Platinum.
CBRE Debt & Structured Finance arranged the finance facilities.
