Tower 42 is one of the City of London’s most iconic buildings, and Greycoat has been at the heart of its evolution for nearly 30 years.
Tenure
Freehold
Timeline
1998 – Ongoing
Area
501,900 sq ft
(46,600 sq m)
Partner
Kirsh Family Office
Tenants
Piraeus Bank, Arnold & Porter, Mizrahi Bank, Industrial Bank of Korea.
OPPORTUNITY
Originally designed and delivered in the early 1980’s as the London HQ of NatWest Bank, Tower 42 comprises 322,000 sq ft over 42 floors, arranged in “leaves” cantilevered off of a central core. The wider Estate includes three further office buildings, 20 and 30 Old Broad Street, together with 15 Bishopsgate. Gibson’s Hall, a Grade I Listed building fronting Bishopsgate, completed the Estate.
Following their decision to relocate, Greycoat purchased the iconic Tower and surrounding buildings from NatWest in 1998, putting in place a Business Plan rejuvenate the entire Estate.
ACTIVITY
Greycoat oversaw the reinvention of the Estate, re-branding it as Tower 42 and creating an “Office Hotel” concept that still exists today, promoting an occupier-orientated culture with a flexible leasing policy and high level of customer service.
A new three-storey glazed entrance was created at ground floor, with new amenities including the creation of the Level 42 cocktail bar, a new restaurant and private dining suite in the middle of the building, and a business lounge at mezzanine level. A concierge service provided access to a myriad of services, and a ground floor cafe and other retail uses completed the offer.
Over time 20 and 30 Old Broad Street were redeveloped, and more latterly 15 Bishopsgate provided new Grade A office space in conjunction with the opening of The Avenue, the City’s latest retail arcade with retailers including that include Marks & Spencer, Joe & The Juice, Scarpetta.
OUTCOME
Although Greycoat no longer owns a stake in the Property, it has retained its role as Asset Manager for over 20 years, through multiple ownerships and market cycles. We continue to play an active role in the continued evolution of the Tower 42 Estate, driving performance through income management, ongoing redevelopment, and close engagement with over 65 tenants.
The Tower continues to offer a unique flexible office solution, providing occupiers with unrivalled access to a range of services and amazing views across central London. In the past 10 years there have been over 800,000 sq ft of new leases and extensions totalling generating a £6.50m uplift in annual rent.
