Broadgate REIT Unveils Exciting Joint Venture with Modon for Landmark London Development

Broadgate REIT, equally owned by British Land and GIC, has announced a landmark joint venture with Abu Dhabi-based Modon Holding. This partnership will spearhead the development of 2 Finsbury Avenue, a 750,000 sq ft world-class project set to redefine the Broadgate area in the City of London.

The development will feature two iconic high-rise towers, a 36-storey East Tower and a 21-storey West Tower, connected by a 12-storey podium. At its heart will be a 7,000 sq ft winter garden, offering green spaces, leisure areas, and publicly accessible facilities, making it a standout addition to the London skyline.

Construction is already in progress under the leadership of Sir Robert McAlpine, with completion anticipated in 2027. Notably, the project has secured a major pre-let agreement with Citadel and Citadel Securities, leasing a minimum of 261,000 sq ft of workspace with options for an additional 121,000 sq ft, achieving record rental rates for the City.

The development places sustainability at its core. Once completed, it will be a fully electric, smart-enabled building, ensuring operational energy efficiency and aligning with the growing demand for sustainable office spaces in London.

H.E. Jassem Mohammed Bu Ataba Al Zaabi, Chairman of Modon Holding, expressed enthusiasm about the venture, calling it a key milestone in Modon’s international growth strategy. Bill O’Regan, Group CEO of Modon Holding, highlighted the project’s exceptional quality and potential, describing it as a compelling entry into London’s prime real estate market.

Simon Carter, Chief Executive of British Land, commented, “This partnership with Modon demonstrates confidence in both Broadgate and the City. With limited supply forecasted in 2027, this project is well-positioned to meet high demand for premium office space, driving strong rental growth.”

This exciting collaboration underscores the enduring appeal of London’s real estate market and showcases innovative approaches to urban development.