A newly refurbished office building occupying a prominent position on Paternoster Square, adjacent to St Paul’s Cathedral in the City of London.
Tenure
Long Leasehold
Timeline
2023 – Ongoing
Area
302,000 sq ft
(28,000 sq m)
Partner
Mitsui Fudosan
Tenants
Goodwin Procter LLP, Convene, ICE Data Services Europe
OPPORTUNITY
The Property was acquired from an overseas developer in early 2023, as a comprehensive refurbishment and extension scheme was nearing completion. Despite its location and commanding views of St Paul’s Cathedral from the new rooftop terrace, the building remained 100% vacant.
The opportunity arose to refine the scheme, complete the refurbishment, and implement a full leasing campaign.
ACTIVITY
The purchase required extensive legal, financial and property-level due diligence, which was carried out alongside early marketing and pre-leasing negotiations with potential occupiers.
Greycoat worked with the incumbent Professional Team led by Buckley Gray Yeoman to secure planning consent for changes to improve the internal and external aesthetics of the building, and make it fit-for-purpose operationally.
Upon completion of the purchase, Greycoat assumed responsibility for the Main Build Contract, and simultaneously exchanged Agreements for Leases on just under 50% of the office space with US law firm Goodwin Procter, and high end conferencing provider, Convene.
OUTCOME
The project is ongoing and achieved Practical Completion in Q1 2024, with a further 45% of the office accommodation in advanced legal negotiations.
