Transforming a vacant banking HQ into a best-in-class office asset just a short walk from the new Elizabeth Line station at Liverpool Street.
Tenure
Freehold
Timeline
2017 – 2020
Area
235,000 sq ft
(21,800 sq m)
Partner
Morgan Stanley Real Estate Investment
Tenants
Jane Street Europe, Squire Patton Boggs
OPPORTUNITY
Adjacent to the Eastern Tower Cluster, at the meeting point of Shoreditch and the City’s financial district, the Property is located just a short walk from the new Elizabeth Line at Liverpool Street.
Early design work showed that this vacant former Royal Bank of Scotland building could be transformed into a best-in-class office asset with the potential to appeal to a wide range of occupiers.
ACTIVITY
Greycoat carried out extensive pre-purchase due diligence and worked with a Professional Team led by Stiff + Trevillion Architects to secure planning consent for a major refurbishment and repositioning of the existing building.
The scheme included the construction of a new lift core accessed from a reconfigured entrance and enlarged reception space, with all new building services, extensive outdoor amenity space on the upper floors, and new modern finishes throughout.
OUTCOME
A successful pre-leasing campaign led to 70% of the office space being let to Jane Street Europe in the early stages of construction, including a package of works to enhance the specification to meet the tenant’s business needs. The remaining upper three floors were let to global law firm Squire Patton Boggs prior to Practical Completion of the refurbishment works.
This facilitated the pre-sale of the asset in April 2020, triggered upon completion of the refurbishment works, which was achieved during the challenging conditions of the first COVID lockdown..
