Herbert Smith Freehills Kramer becomes anchor tenant at £273m 1 Appold Street building
Skanska has been formally confirmed to build British Land’s 1 Appold Street office scheme in the City of London after the developer signed up law firm Herbert Smith Freehills Kramer as the project’s anchor tenant, Building can reveal.
The firm is taking 268,000sq ft of space at the scheme, around 60% of the floorplate, with an option to take up the remaining space.
Its lease runs for 21 years meaning Skanska will now start work on the job, nearly two years after beating Lendlease, now Bovis, and Multiplex to the work. It was initially priced at around £220m but is now set to cost £273m.
Work on the 360,000sq ft building is set to finish by spring 2029 and will also include 48,000sq ft of leisure space, which British Land said “is under offer to a high-quality gym and health club operator”.
As part of the deal with Herbert Smith Freehills Kramer – which is currently based at nearby Exchange Square, off Bishopsgate – the firm will have its own entrance known as 8 Exchange Square.
The 1 Appold Street job is one of the last major schemes in the ongoing development of the Broadgate Campus.
Designed by Piercy & Company, the developer’s plans will involve retaining 75% of the existing 1980s office building, stripping it back to its core and extending it upwards by five floors to make 13 storeys.
The building’s floorplates will also be extended closer to the site perimeter and balconies will be built on the new building’s east facade, as well as a rooftop pavilion and terrace.
Kelly Cleveland, head of real estate and investment at British Land, said: “Herbert Smith Freehills Kramer’s decision to relocate across Exchange Square highlights how the quality of the public realm and amenity continues to shape occupier choice across the campus.
“Their commitment to retaining their London head office here continues our longstanding relationship and reinforces the strong demand we’re seeing for exceptional workspace in the best locations, which helps people and businesses thrive.”
British Land’s project team includes project manager Opera, quantity surveyor Core 5, AKTII as structural and façade engineer and DSDHA as landscape architect.
The developer’s scheme at nearby 2 Finsbury Avenue topped out earlier this month and has secured a pre-let from financial services firm Citadel.
Main contractor on the job is Sir Robert McAlpine with William Hare carrying out steelwork and Morrisroe completing concrete cores and floor slabs. The 37-storey tower, designed by Danish practice 3XN, is due to finish by the middle of next year.
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