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 get going next month, Building can reveal.
JP Morgan’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.
Tenders for the £500m Spitalfields job are set to be issued next month with Bovis, Sir Robert McAlpine, Multiplex and Mace all expected to be pricing the work. A winner is due by the end of summer.
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.
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.
Meanwhile, JP Morgan has formally signed the main contract deal with Mace for the redevelopment of 65 Gresham Street in the City.
Getjar has been on site carrying out enabling 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 £230m Gresham Street job is Gensler with the cost of this work expected to be £250m.
JP Morgan is set to submit plans later this 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. Main contractor tenders are due out in Q4 this year.
No comments yet