JP Morgan Global Alternatives has received a crucial green light for a major upgrade of a prime office building in London.
The project at 65 Gresham Street will add four floors, delivering 35,768 m2 of prime office and retail space, along with 2,044 m2 of new terraces.
The design by Squire & Partners prioritizes preservation, retaining 85% of the existing structure, making it one of London's largest retention-and-extension projects.
The project also includes plans for 1,858 m2 of new public space created by pedestrianizing Aldermanbury, in line with the City of London's vision for a vibrant "Destination City."
The building will be all-electric, aiming for a 66% reduction in its carbon footprint and achieving top sustainability certifications like BREEAM Outstanding, NABERS 5* DfP, and EPC A.
Paul Harris, head of UK real estate asset management at JP Morgan Asset Management, commented: ‘We are delighted the City of London has supported our innovative approach for this ambitious scheme, which increases the lettable area by 37% and demonstrates buildings of scale can be repurposed to provide best-in-class accommodation. We expect the flexible nature of the building to appeal to a wide variety of sectors and have already received strong pre-leasing interest from occupiers seeking new headquarter buildings in the City core.’
Construction is set to begin in Q2 2025, with completion expected in Q1 2028.
DP9 and Max Q acted for ownership, while institutional investors were advised by JP Morgan Global Alternatives.
