Ivanho茅 Cambridge is redeveloping a London office asset it 鈥� acquired in December 2014 鈥� in a new partnership with .
The real estate subsidiary of the Caisse de d茅p么t et placement du Qu茅bec acquired the 150,000sqft Stonecutter Court property over six years ago from Global REIT for 拢122m (鈧�143m).
Ivanho茅 Cambridge said it has agreed to a 50:50 joint venture with Allianz Real Estate to redevelop Stonecutter Court in Farringdon, to create a 鈥渘ext-generation office space in response to occupier needs鈥�, and to deliver an environment to foster and support the talent attraction and retention strategies of its customers.
On completion of the 13-storey office scheme鈥檚 net lettable area will increase by 66%, from 150,000sqft to 250,000sqft.
Ivanho茅 Cambridge said it has secured the first major pre-lease with a UK law firm, Travers Smith. Travers Smith is committing to a lease duration of 15 years on 158,000sqft. The move is scheduled for the first quarter of 2025.
Ajay Phull, the head of investments UK at Ivanho茅 Cambridge, said: 鈥淲e are proud to partner with Allianz Real Estate as investors that we share key values with and underscores our commitment to London as we embark on a new development at an exciting time in the evolution of the office.鈥�
Richard Saul, the head of asset management UK at Ivanho茅 Cambridge, said: 鈥淭he new building will make a considerable contribution to the new workplace experience of our client and partner Travers Smith. It is testament to how a new workplace designed with wellbeing, and ESG at its heart can be a differentiator for our clients.鈥�
Kari Pitkin, the head of business development for Europe at Allianz Real Estate, said: 鈥淲e expect offices which are centrally located in key cities, are sustainably operated and which focus strongly on user well-being and experience will be the most sought-after workplaces post-pandemic.
鈥淚t is this long-term view which makes the investment in Stonecutter Court such an attractive opportunity and one which will deliver sustained value to our investors.鈥�
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