One Spitalfields contract due to be one of biggest City deals let this year
The race to land one of the biggest deals being let in the City this year is set to going in earnest in the coming months with JP Morgan due to issue tenders to bidders this summer.
The banking giant’s asset management business is leading the redevelopment of One Spitalfields which is currently occupied by A&O Shearman, formerly Allen & Overy.
The law firm is due to move out of the building, currently known as 1-10 Bishops Square, at the end of this year and into new offices at 1 Broadgate, the British Land scheme built by Sir Robert McAlpine and designed by AHMM.
McAlpine built the original Bishops Square scheme in 2005 under a design drawn up by Foster & Partners which has again been appointed to come up with new plans for the same site.
JP Morgan is billing the scheme as a refurbishment with some new build and under Fosters’ latest plans the job will retain and extend the current office building to provide 870,000sq ft of office and retail space, along with 70,000sq ft of new terracing.
The scheme was given planning last year by Tower Hamlets council and JP Morgan is understood to want to get started once Allen & Overy has moved.
The firm has already sounded out McAlpine, Mace, Bovis and Multiplex about the job with tenders due to be formally issued this summer with a winner due soon after.
The scheme is estimated to have a £500m price tag with the M&E worth around £100m alone.
Others working on the job, which is due to complete in 2029, include cost consultant T&T Alinea, project manager G&T, structural engineer AKT II and engineer Arup.
JP Morgan’s current major ongoing scheme is the redevelopment of 65 Gresham Street with Mace carrying out the main contractor role.
Getjar has been on site carrying out emabling and structures work under a design drawn up by Squire & Partners. This scheme is due to be occupied by investment manager Squarepoint.
Fit out architect on the £250m Gresham Street job is Gensler with the cost of this work also expected to be £250m.
Meanwhile, JP Morgan is set to submit plans in the spring for a redevelopment of a site near the Barbican called 140 Aldersgate which was designed by Sidell Architects.
JP Morgan bought the building from Landsec last summer with the latter having owned it since 2005 when it was first built.
The value of the work planned, which centres on refurbishment along with new build, is believed to be around £60m. The job, also designed by Gensler, is likely to finish towards the end of 2028 with existing tenants due to move out in the first quarter of next year.
Landsec has previously said it will not start any more speculative office development until its two major under-construction projects in London at Thirty High and Timber Square are substantially leased. Oil giant BP is understood to be in talks about taking space at Timber Square.
Earlier this month, Keltbray began work to tear down the existing building at Landsec’s 55 Old Broad Street job after Landsec agreed a funding deal to get going on the job with Ashby Capital.
The 55 Old Broad Street plans involve replacing a 1970s-built block, which had included a pub and bank at street level, with a 24-storey tower designed by Fletcher Priest. Skanska is set to carry out the main construction work.
No comments yet