Contract one of biggest City deals let this year
A winner in the race to land one of the biggest deals being let in the City this year has emerged this week, 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.
The scheme has a development value of around £500m with the construction contract worth up to £250m.
Building understands Multiplex has beaten remaining rival Bovis to the work with a bid from Mace ditched last week. A pitch from Sir Robert McAlpine was ruled out earlier in the 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.
The JP Morgan deal caps a string of recent wins for Multiplex with last week the contractor being formally confirmed for Derwent’s job at 50 Baker Street, worth around £150m.
Main construction will start next year once McGee has completed demolition and enabling works, with the job due to finish by the middle of 2029.
And yesterday Multiplex was formally confirmed as having won a scheme to turn a 1990s building on Old Street roundabout into a 36-storey office tower.
Developer Endurance Land, which is part of Hong Kong-based Nan Fung Group, said Multiplex will start this autumn on the job, designed by KPF, which is due to finish in 2030.
Erith has been carrying out demolition work of the existing building at 99 City Road with previous occupier Inmarsat, a satellite telecommunications firm, having moved to a new head office at 50 Finsbury Square which was refurbished by Mace.
Multiplex had been on a PCSA for the job, which has a price tag of around £300m, since summer 2024 with others working on the project including structural engineer AKT II, Arup on MEP, project manager Third London Wall and cost consultant Arcadis.
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