CBRE Global Investors, King Street Real Estate and Arax Properties let280 Bishopsgate to Baker McKenzie
CBRE Global Investors and King Street Real Estate GP (King Street Real Estate), in partnership with Arax Properties, have pre-let 153,000 square feet at 280 Bishopsgate in the City of London to global law firm Baker McKenzie on a 15-year term.
The remaining available 108,000 square feet is being delivered to a hybrid-exposed Cat A, to appeal to a broad base of occupiers.
The building was acquired with vacant possession in December 2019 on behalf of CBRE Global Investors’ value-add fund, Europe Value Partners 2 (EVP 2), along with funds managed by King Street Capital Management (King Street) and Arax Properties. The partnership is in the process of a comprehensive refurbishment to be completed in Autumn 2021.
The scheme incorporates a unique, 7,800 square foot MoreySmith-designed dual reception spanning the full length of the building and connecting Bishopsgate with the green spaces of Bishops Square, Spitalfields. Private terraces are provided on every floor with lift access to the extensive communal roof gardens and on-site Wellness Suite. In recognition of this, 280 Bishopsgate expects to become only the second WELL Gold certified building in London alongside CyclingScore and WiredScore Platinum.
The scheme retains the existing structural frame resulting in a significant embodied energy saving and incorporates extensive environmental and sustainability improvements targeting energy consumption, waste management and air quality. The scheme is designed to achieve BREEAM Excellent/Outstanding.
"We are very excited to be moving to this new, modern and eco-friendly space in which we can collaborate and interact with each other and with our clients," says Alex Chadwick, Baker McKenzie's London Managing Partner.
“This value-add opportunity is in line with EVP 2’s key investment strategy of repositioning to core. The prime location and lack of Grade A space against strong occupational demand makes this a very exciting project and one we look forward to delivering in 2021,” says Christina Forrest, Fund Manager, EVP 2, CBRE Global Investors.
“Along with our trusted partners, CBRE Global Investors and Arax Properties, we are thrilled to welcome Baker McKenzie and its employees to their new offices where they will enjoy the convenience of a truly dynamic environment,” says David Walch, Partner at King Street.
Giles Morse, Partner, Arax Properties, adds: “Arax is delighted to have successfully pre-let 60% of this landmark refurbishment within a little over six months from acquisition. We look forward to delivering a market-leading office and welcoming Baker McKenzie to the building.”