Helical plc and a vehicle managed by Orion Capital Managers have reached practical completion on the repositioning of 100 New Bridge Street, delivering a 195,000 sq ft best-in-class office scheme in the City of London.
Located between Blackfriars and Farringdon stations, the landmark building has been transformed into a carbon-friendly workplace designed to meet growing occupier demand for high-quality, sustainable office space in central London.
Designed by Gensler and delivered by Mace, the project has retained and upgraded much of the original structure, demonstrating how existing commercial buildings can be reimagined rather than replaced. The redevelopment introduces a striking new façade, 30,000 sq ft of additional net internal area and 9,690 sq ft of terraces across four floors, offering views towards St Paul’s Cathedral and across central London.
Sustainability has been central to the scheme. Around 90% of the original structure has been retained, with materials reused, repurposed or donated where possible. As a result, the project’s embodied carbon is tracking 61.4% below the Greater London Authority benchmark for offices.
The all-electric building has also achieved strong environmental and wellbeing credentials, including BREEAM Outstanding, NABERS 5-star and WELL Platinum ratings.
The milestone follows the completion of the forward sale of the property to State Street on 20 May 2026. The deal, first announced in April 2025, saw the building sold for State Street’s own occupation at a net price of £333m, representing a Helical share of £166.5m.
The transaction reflects a capital value of £1,712 per sq ft, or around £2,000 per sq ft on a topped-up basis, based on a capitalisation yield of 5% after deducting corporate sales costs and a notional rent free period.
Proceeds from the sale will be used to repay the amount drawn under the £155m development facility, with surplus funds distributed to the joint venture partners under the terms of the agreement signed in May 2024.
Matthew Bonning-Snook, Chief Executive Officer of Helical, said the completion marked “a significant milestone” for the project, describing 100 New Bridge Street as a future-focused workplace that highlights the potential of existing assets to meet modern occupier expectations while supporting carbon reduction.
Aref Lahham, Founding Partner and Managing Director of Orion Capital Managers, said the project had created value through repositioning and forward selling in a supply-constrained market, reinforcing Orion’s focus on opportunities driven by clear demand and strong asset execution.
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