Schroders signs up for London Wall Place development

Brookfield Office Properties and Oxford Properties have pre-leased the whole of their 1 London Wall Place development to investment manager Schroders.

Covering 310,000 square feet (around 29,000 m2), the agreement is the largest pre-let in the City of London since 2010. It paves the way for the start of construction of the development once the demolition of the old St Alphage House building and appropriate enabling works have been completed.

The construction phase is expected to commence in July 2014 with full delivery of the property expected in late 2016.

Martin Jepson, president and COO of Brookfield Office Properties Europe, commented: ‘We have always believed in the long term potential of the London office property market and of our offering. With this new pre-let we can focus on the delivery of a new state of the art office building that will complement our wider existing investment and development portfolio.

‘The new development will transform one of the last under-developed sites within the City and see a brand new office tailored to the exact requirements of the tenant delivered in Q4 2016. We look forward to moving onto the next stage of this development.’

London Wall Place will feature two complementary, yet distinctive office buildings totalling 500,000 sq ft, with approximately 70,000 sq ft of public realm. 1 London Wall Place will provide Schroders with 310,000 sq ft of high spec, flexible space across 12 storeys.

2 London Wall Place will be a 16-storey building providing 190,000 sq ft of consistent, highly efficient 12,000 sq ft floor plates.

The development aims to achieve a BREEAM ‘Excellent’ rating.

GM Real Estate and Jones Lang LaSalle were appointed agents for the development in January 2013. Savills, Deloitte Real Estate and Allen & Overy acted for Schroders.