Swiss private markets investment manager Partners Group is spending €280 mln to develop an office building in the City of London on behalf of its clients.
Swiss private markets investment manager Partners Group is spending €280 mln to develop an office building in the City of London on behalf of its clients.
The company is teaming up with development partner Marick Real Estate on the project at 80 Fenchurch Street which is expected to start in early 2016.
Designed by architects TP Bennett, the project will include the demolition of an existing, vacant building on the site, which is due to take place at end-June. On completion in the first quarter of 2018, the new building will provide 22,800 m2 over 14 storeys.
'The recent rebound in the UK economy has created a significant supply-demand imbalance in the City of London in terms of Grade A office space, with vacancy levels close to historic lows and rents steadily climbing. 80 Fenchurch will be perfectly placed in terms of location, timing and quality of build to capitalize on this attractive market opportunity,' commented Stuart Keith, vice president, private real estate at Partners Group.
Claude Angéloz, partner, co-head private real estate, Partners Group, added: 'The 80 Fenchurch Street development is a fit with our strategy of selectively developing core properties that meet end-user demand in markets with strong fundamentals.'
Knight Frank and JLL are instructed as office leasing agents.
