AXA IM Alts, a global leader in alternative investments with €186 billion of assets under management[1], is set to follow completion of piling and excavation works with the commencement of main build construction this summer at its latest flagship London office development, Fifty Fenchurch Street. The Main Works contract for
Regal has successfully secured a £58.6 million investment loan from lender Firma Partners to refinance The Clarendon Works, its newly completed, sustainable office development in Watford. The 12-storey office scheme is the largest of its kind in Watford, offering nearly 140,000 square feet of high-quality workspace, complete with modern amenities.
British Land has appointed Bam to lead a £100m transformation of Broadgate Tower, a landmark office building near Liverpool Street in London. The project will see the addition of a three-storey extension, including a 6,200 sq ft terrace at the front of the building. Tower floors and Broadgate Plaza will
British Land has gained planning approval for a major £600 million transformation of Euston Tower, a 1960s skyscraper in London, into a cutting-edge life sciences and workspace hub. The ambitious project, designed by 3XN, will deliver 560,000 square feet of high-quality office space, alongside improved public areas and expanded amenities.
British Land has announced a significant redevelopment of Broadgate Tower, a 34-storey office building within its Broadgate campus in the City of London. The project aims to enhance sustainability standards while delivering high-quality office space to meet growing market demand. The redevelopment will include a three-storey extension featuring a 6,200
Willmott Dixon has scooped City of Doncaster Council’s Gateway One development, a new 52,000 sq. ft Grade A office building on Trafford Way which is set to become Doncaster’s new digital tech hub. Work on the £32 million development, adjacent to Doncaster train station, will begin in April with completion
Railpen, manager of the £34bn railways pension scheme in the UK, and Ridgelift, its development partner, have secured consent from Cambridge City Council for 230 Newmarket Road, a 157,000 sq ft six-storey Grade A office building in the city. Outline consent has also been granted for 10,000 sq ft of
The British Council for Offices (BCO) has released the third edition of its Guide to Fit-Out, offering fresh insights and best practice recommendations for office design in an era shaped by hybrid working and the transition to net zero. This is the first update to the Guide since 2011 and
Rents for prime office space* across the globe rose by 0.3% and fit out costs by 0.2% in the final quarter of 2024, says Savills, as demand for top quality office space continues to grow in many markets around the world. According to Savills in its latest quarterly Prime Office Costs
SPECIALIST engineering consultancy Hexa has announced the opening of its new office in Sheffield, marking significant expansion into the North of England. In addition, Harry Davison and Jake Adams have been promoted to associates and will be leading the new Sheffield presence. Harry, a senior engineer, joined Hexa in 2021, bringing with him
AXA IM Alts, a global leader in alternative investments with €186 billion of assets under management[1], is set to follow completion of piling and excavation works with the commencement of main build construction this summer at its latest flagship London office development, Fifty Fenchurch Street. The Main Works contract for the landmark 36-storey, 650,000 sq ft development has been awarded to Multiplex Construction Europe, with the development expected to complete in 2028. AXA IM Alts used the same contractor to construct 22 Bishopsgate which set a new quality benchmark for prime office space when it completed in 2020 and has recently achieved full occupancy. This successful milestone reflected both London’s status as a global hub for business and finance as well as the continued strong demand for well-located offices that integrate advanced technology, sustainability and amenities. Designed by Eric Parry Architects, Fifty Fenchurch Street is set to be one of the UK’s most sustainable and biodiverse high-rise office buildings, targeting BREEAM Outstanding and net zero in operation. It will be the first building of this scale to incorporate such extensive vertical landscaping in the City of London, comprising 10th floor internal and external gardens designed by the architecture and urban design studio DSDHA and more than 40 planted balconies and terraces, collectively introducing over 70 species of plant life to the site. Each upper-level office floor will have two terraces with shrubs and flowering plants, providing office staff with direct access to nature and fresh air from their workspace. The building’s abundant greenery will be seamlessly integrated with state-of-the-art technology and wellness-led amenities to deliver a future-focused, people-centric workplace for generations to come. The expansive urban greening continues at the ground plane with the creation of further gardens inspired by the original fenlands which once populated the area surrounding Fenchurch Street. The gardens also feature the Medieval Church Tower of All Hallows Staining as a spectacular historic centrepiece nestled within lush vegetation, trees and reed beds, all above a substantial new subterranean Livery Hall for The Clothworkers’ Company. Together with the reinstatement of Lambe’s Chapel Crypt beneath the new office tower, these initiatives are part of a broader ambition to integrate London’s medieval heritage into modern urban development, ensuring the preservation and public accessibility of these historic structures. Rob Samuel, UK Head of Development at AXA IM Alts, commented: “Our success at 22 Bishopsgate has confirmed the importance of tailoring buildings to align precisely with the evolving needs of occupiers to create high-quality, innovative workspaces that make employees want to come to the office. At Fifty Fenchurch Street our aim is to deliver exactly that, creating a landmark structure that will be both one of London’s most biodiverse office towers and combine best-in-class workspace with green, accessible public areas that uniquely incorporate heritage buildings that will enrich the City of London’s landscape.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Regal has successfully secured a £58.6 million investment loan from lender Firma Partners to refinance The Clarendon Works, its newly completed, sustainable office development in Watford. The 12-storey office scheme is the largest of its kind in Watford, offering nearly 140,000 square feet of high-quality workspace, complete with modern amenities. With almost 80% of the space already let, major tenants include National Lottery operator Allwyn, which has taken 63,527 square feet across six floors, and global technology firm Epson UK, occupying 30,530 square feet. Interest remains strong in the two remaining floors of this premium-grade workspace, which has been designed to rival central London office standards. The deal marks another milestone for Firma Partners, a newly launched real estate lender. This is only its second transaction following last month’s support for McGrath Group’s £40 million acquisition and development project in West London. Victor Librae, chief executive of Firma Partners, commented: “We are pleased to provide Regal with an investment loan to refinance The Clarendon Works, a development that has set a new standard for office space in Watford and the wider South East. This highly sustainable, amenity-rich workspace has already attracted leading tenants, demonstrating its strong market appeal. “Firma Partners is committed to supporting innovative developers and investors in delivering top-tier real estate projects. The facility we are providing for The Clarendon Works aligns with our approach to backing high-quality developments with long-term potential.” Firma Partners specialises in flexible capital solutions for mid- to large-scale real estate investments and developments. Its focus spans across the living sector, including residential, mixed-use, build-to-rent, student accommodation, co-living, later living, hospitality, and hotels.
British Land has appointed Bam to lead a £100m transformation of Broadgate Tower, a landmark office building near Liverpool Street in London. The project will see the addition of a three-storey extension, including a 6,200 sq ft terrace at the front of the building. Tower floors and Broadgate Plaza will also undergo significant refurbishment, with the scheme expected to complete by late 2026. Originally built in 2008, the 34-storey tower is set for a major refresh aimed at enhancing workspaces while improving environmental performance. The redevelopment is targeting top sustainability certifications, including BREEAM Outstanding, an EPC A rating, and WELL certification pre-conditions. Circular economy principles will be applied to reduce embodied carbon, featuring a hybrid pavilion structure incorporating reused steelwork and cross-laminated timber. Kim Sides, construction director at Bam, commented: “With this upgrade, Broadgate Tower will become one of London’s most desirable office destinations, offering flexible, modern workspaces with outstanding facilities. We are thrilled to work with British Land to bring its sustainability vision to life, delivering long-term value for businesses and communities.” David Lockyer, head of development at British Land, added: “We are excited to be repositioning Broadgate Tower, creating high-quality, sustainable office space that meets the evolving needs of today’s occupiers. This project, following our commitment to 2 Finsbury Avenue last year, marks another key milestone for Broadgate and the City as we deliver sought-after modern office space in a competitive market.” Building, Design & Construction Magazine | The Choice of Industry Professionals
British Land has gained planning approval for a major £600 million transformation of Euston Tower, a 1960s skyscraper in London, into a cutting-edge life sciences and workspace hub. The ambitious project, designed by 3XN, will deliver 560,000 square feet of high-quality office space, alongside improved public areas and expanded amenities. With redesigned 19,000-square-foot floor plates, the scheme aims to cater to the evolving demands of modern businesses. Following concerns over sustainability, British Land revised its initial proposals last year, focusing on a more environmentally conscious approach. The approved plans will involve partial demolition and retrofitting, preserving the building’s central core and foundations while dismantling the façade and floor slabs. This method retains 31% of the original structure, reducing environmental impact. The redeveloped 31-storey tower will feature 4,000 square feet of restaurant and café space, alongside 8,000 square feet dedicated to supporting local entrepreneurs, start-ups, and innovation initiatives. The site, located within British Land’s Regent’s Place campus, will operate on an all-electric system and target a BREEAM Outstanding rating for sustainability. Camden Council granted approval for the scheme during a planning committee meeting on 20 March, with a final decision still required from the Mayor of London. David Lockyer, head of development at British Land, commented: “We are delighted to receive planning consent for this incredible scheme – the first West End tower in a generation, and likely to be the last. This world-class building will provide space for the UK’s greatest minds to turn research into real-world solutions. “The tower is ideally located at our Regent’s Place campus, where the Knowledge Quarter meets the West End, offering businesses access to a thriving ecosystem of academic and research institutions stretching from Harley Street to King’s Cross.” Building, Design & Construction Magazine | The Choice of Industry Professionals
British Land has announced a significant redevelopment of Broadgate Tower, a 34-storey office building within its Broadgate campus in the City of London. The project aims to enhance sustainability standards while delivering high-quality office space to meet growing market demand. The redevelopment will include a three-storey extension featuring a 6,200 sq ft terrace at the front of the building. Additionally, the project will introduce modern amenities such as upgraded arrival areas, an amenity floor, cycle storage, and shower facilities. Tower floors will undergo extensive refurbishment to align with contemporary occupier expectations. Broadgate Plaza will also be transformed into a green oasis, boosting biodiversity and promoting employee wellbeing. Scheduled for completion in late 2026, the project is strategically timed amid increasing leasing demand. With active leasing requirements at their highest since 2011 and a projected shortfall of 5 million sq ft of premium office space in the City over the next four years, Broadgate Tower is well-positioned to attract tenants seeking a prime location and modern facilities. The development is set to deliver a gross yield on cost exceeding 8% and a high-teen ungeared IRR. BAM has been appointed to oversee the project, which includes constructing a new pavilion, enhancing the public realm, upgrading reception and end-of-trip facilities, and refurbishing office floors. The installation of an air source heat pump is also part of the plan, with the total project cost estimated at £100 million, of which British Land’s share is £50 million. David Lockyer, Head of Development at British Land, said: “British Land has an excellent track record of developing high quality, sustainable towers which meet the standards of modern-day occupiers. “Following our commitment to deliver 2 Finsbury Avenue last year and recent leasing success across the Broadgate campus, this is another significant milestone for both the campus and the wider City as we deliver another office tower into a market where there is short supply of high quality, modern space but very high demand.” British Land has been actively securing new tenants, with approximately 200,000 sq ft of office space at Broadgate either agreed upon or under offer this year. This builds on the 750,000 sq ft of office leasing deals completed in 2024, which included agreements with Akin Gump and Marex at 155 Bishopsgate, as well as Citadel and Citadel Securities at 2 Finsbury Avenue. The company’s Broadgate REIT, co-owned with GIC, has also formed a joint venture with Modon Holding to develop the 750,000 sq ft 2 Finsbury Avenue project. Meanwhile, 1 Broadgate is set to complete later this year, with 96% of its office space pre-let to JLL and A&O Shearman. Sustainability remains at the core of the Broadgate Tower project, which is targeting BREEAM Outstanding, an EPC A rating, and WELL certification. Circular economy principles are being integrated to minimise embodied carbon, which is limited to just 230kg CO2 per sq m. Building, Design & Construction Magazine | The Choice of Industry Professionals
Willmott Dixon has scooped City of Doncaster Council’s Gateway One development, a new 52,000 sq. ft Grade A office building on Trafford Way which is set to become Doncaster’s new digital tech hub. Work on the £32 million development, adjacent to Doncaster train station, will begin in April with completion expected in January 2027, where it aims to be net zero carbon in operation, as well as achieve an EPC rating of A and BREEAM Excellent. Gateway One will also include an area of public open space and span across five floors with two commercial units on the ground floor which incorporate alfresco dining. It is largely funded through the Doncaster Town Deal fund, and overseen by the Town Deal Board, a sub-group of the new city centre board. It builds on Doncaster’s ambitions to grow a digital and tech cluster of national significance. The specialist digital tech hub and the businesses located there will focus on digital technology with global AI firm Automatic Analytics among the founding businesses set to take up residence. Chris Yates, Yorkshire director at Willmott Dixon: “Our team of local commercial experts will bring a wealth of experience and innovation to Gateway One. In partnership with City of Doncaster Council, we will create a cutting-edge and sustainable hub where digital and technology businesses can thrive and grow in this city. “We’re passionate that innovation will be a catalyst for creating opportunities for the people of Doncaster, so, in partnership with our proud local supply chain partners, we are committed to creating six new employment opportunities directly on the project. Through our bespoke ‘Building Lives Academy’ initiatives in collaboration with Advance Employment Hub, we also aim to deliver more than 650 hours of impactful employment support for local people furthest from the job market, those at risk of redundancy and those looking to transition into the construction industry.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Railpen, manager of the £34bn railways pension scheme in the UK, and Ridgelift, its development partner, have secured consent from Cambridge City Council for 230 Newmarket Road, a 157,000 sq ft six-storey Grade A office building in the city. Outline consent has also been granted for 10,000 sq ft of retail and leisure space in a separate single-storey building adjacent to the office. Designed by Leonard Design Architects, 230 Newmarket Road is in a prominent position on a major thoroughfare into Cambridge. It has been conceived as a multi-occupier headquarters building, providing exemplary quality and amenities. The ground floor contains a generous reception area and extensive cycling and end-of-trip facilities, with space to park 438 bikes. Moving up through the building, the first floor includes an elevated lobby café and offices, with the floors above providing flexibility of configuration to reflect varied occupier requirements. The top floor features two pavilion-style office spaces designed for co-working, both opening onto an inside-outside terrace. Externally, the consent includes a new carpark with 45 spaces, 26 with EV charging. Railpen also has strong ambitions for 230 Newmarket Road’s sustainability credentials, and is aspiring for BREEAM ‘Outstanding’ and at least 20% biodiversity net gain. The design follows the principles of the London Energy Transformation Initiative (LETI) and RIBA 2030 Climate Challenge, with targets including net zero enabled in operation, low embodied carbon (800 kg/CO2e/m2), and a maximum operation energy performance of 55 KwH/ m2. More widely, 230 Newmarket Road is a gateway to Railpen’s proposed 1m sq ft Beehive, which will blend modern workspace, retail, leisure, entertainment and community spaces, and is currently going through planning, along with proposals to enhance the neighbouring Cambridge Retail Park through the introduction of new retail and leisure facilities. Together, the developments will create a new business district in Cambridge to serve the innovation and STEM sectors as part of the UK’s Golden Triangle, which was recently ranked by Savills as a top three life sciences hub globally. Matthew Howard, Head of Property at Railpen, said: “We’re delighted with the council’s decision to grant consent for 230 Newmarket Road, with the development adding to the quality of offices available to accommodate growth in a world-leading city for innovation. As importantly, it is the first stage of a new business district for the city that will bring more long-term employment and prosperity to one of the UK’s most important economic areas.” 230 Newmarket Road is the latest of Railpen’s investments in Cambridge. Part of its strategy of supporting the UK’s economic and social growth through the clustering of assets in key sectors and locations, it joins Mill Yard, its 180,000 sq ft mixed-use campus adjacent to Cambridge rail station, and the nearby Botanic Place, Railpen’s 500,000 sq ft headquarters office development. Railpen also has a number of other significant proposed developments in the city, including its 1m sq ft Beehive scheme, which has been called in by the Secretary of State. Building, Design & Construction Magazine | The Choice of Industry Professionals
The British Council for Offices (BCO) has released the third edition of its Guide to Fit-Out, offering fresh insights and best practice recommendations for office design in an era shaped by hybrid working and the transition to net zero. This is the first update to the Guide since 2011 and brings together expertise from over 100 industry professionals. It provides occupiers and built environment specialists with essential guidance on creating modern, flexible, and sustainable workspaces that enhance employee well-being while integrating smart technology and AI. Covering every stage of the fit-out process—from material selection and procurement to long-term management—the Guide is designed to be used alongside the BCO’s Guide to Specification, which helps define best-in-class workplaces. Key Focus Areas in the Latest Edition: This latest edition includes standalone sections on fire safety, acoustics, vertical transportation, and structural engineering—reflecting the increasing demand for offices that offer greater flexibility, adaptability, and connectivity. Offices Designed for the Future The Guide highlights a growing shift towards multi-use spaces, where traditional desk areas make way for collaborative and social zones. It also provides a checklist of design interventions that enhance occupier well-being, from biophilic elements and active workspaces to stress-reducing art and wellness facilities. Smart technology plays a crucial role throughout, with recommendations on how AI and automation can improve security, energy efficiency, and space management. The Guide also emphasises the importance of clear sustainability goals, encouraging businesses to set key performance indicators (KPIs) for reducing carbon impact. A major focus is the adoption of circular economy principles, where outgoing and incoming tenants collaborate with landlords to minimise waste and maximise reuse of fit-out materials. The Guide also advocates for material passport systems, improving traceability and reuse of building components. Insights from Industry Leaders Neil Pennell, Head of Design Innovation and Property Solutions at Landsec, said:“The new edition reflects how office use has evolved over the past decade. People want workplaces that offer valuable experiences beyond a traditional desk setup. Sustainability is now a key business priority, and our guidance on circularity principles shows how multiple stakeholders can help reduce waste in the fit-out process.” Peter Williams, Senior Technical Advisor at Stanhope, added:“The Guide is ultimately about helping businesses attract and retain the best talent. The pandemic accelerated a shift in office design, and now workspaces must work harder to differentiate themselves. By prioritising sustainability, flexibility, and technology, businesses can create office environments that foster creativity and collaboration.” Richard Kauntze, Chief Executive at the BCO, commented:“The Guide to Fit-Out is a practical resource for today’s rapidly changing workplace landscape. Health, well-being, and sustainability are no longer optional—they are essential. This edition encapsulates the latest industry trends and is a must-read for anyone involved in office design and fit-out.” The new edition features case studies from award-winning projects and links to an extensive online library that will be regularly updated. Building, Design & Construction Magazine | The Choice of Industry Professionals
Rents for prime office space* across the globe rose by 0.3% and fit out costs by 0.2% in the final quarter of 2024, says Savills, as demand for top quality office space continues to grow in many markets around the world. According to Savills in its latest quarterly Prime Office Costs report, in the fourth quarter of last year, average net effective costs rose slightly, by 0.1%, continuing a moderate upwards trend of 1.9% over 2024. London (West End), Hong Kong, and New York (Midtown) remain the top three locations in terms of costs of the 35 markets Savills examines. Savills says that several markets saw significant cost changes last quarter, notably Dubai and Los Angeles, which witnessed a 7% and 5% net effective cost to occupier growth, respectively, supported by strong demand. EMEA saw some cost increases last quarter, with 0.7% growthin net effective costs to occupiers. The 7% increase in Dubai is the largest of any market and the result of significant rental growth driven by constrained supply at the top end of the market combined with a growing number of new entrants seeking premium space. In Asia Pacific, net effective costs saw a decline of 1% in Q4 2024. China prime offices saw a fall of 2.6% while Sydney and Melbourne, at the other end of the spectrum, saw costs grow by 1.7% and 1.6%, respectively, as a result of reduced landlord incentives in Sydney and rental growth in Melbourne. North America saw 0.7% net effective cost growth last quarter, matching the pace of growth in EMEA. Los Angeles Century City, in particular, saw strong rental growth, largely due to intense demand for space. In the office market overall – both prime and mainstream, Los Angeles saw the highest reported leasing volumes in any quarter since Q1 2020, a testament to the elevated demand in the market in 2024. Overall leasing activity increased by 18% in H2 compared to H1 2024, says Savills. In its complementary Market Makers report, which examines the top 10 prime office occupier deals by size in the same 35 cities, the international real estate advisor found that just over half (54%) of the deals examined were either new leases or expansions, reflecting positivity among major occupiers and the resilience of premium office space. Just over a third (33%) of the deals were for space of the same size, while 13% reflected downsizing. Globally, finance overtook tech as the number one industry for H2 2024 deals (figure 2) for both deal numbers and area transacted. Rick Schuham, CEO of Global Occupier Services at Savills, comments: “Ultra prime offices remain a key strategic asset for many businesses globally and almost all industries saw an increase in square footage transacted in H2 2024 compared to the first half of last year. In 2025, we expect continued rent and leasing volume growth as the net effect cost growth we have seen across the world over the past year is set to continue for the foreseeable future.” Sarah Brooks, Associate Director in Savills World Research team, says: “Even with the darkest clouds seemingly behind us, fiscal and economic concerns will likely remain a top concern for businesses globally. Demographic and behavioural trends will also continue to drive activity in the prime office sector, as firms continue to compete for talent. This competition drives both site and city selection for global businesses and will remain a top priority for 2025.” Building, Design & Construction Magazine | The Choice of Industry Professionals
SPECIALIST engineering consultancy Hexa has announced the opening of its new office in Sheffield, marking significant expansion into the North of England. In addition, Harry Davison and Jake Adams have been promoted to associates and will be leading the new Sheffield presence. Harry, a senior engineer, joined Hexa in 2021, bringing with him a wealth of experience in residential, commercial, and mixed-use projects. Jake, a structural technician, has been instrumental in the growth of Hexa’s Leeds office alongside director Richard Osbond since it opened in 2022, and brings a strong understanding of project delivery and client relationships. Harry Davison said: “This is a pivotal moment for Jake and I, as we spearhead Hexa’s growth in Sheffield. The city is undergoing a period of significant regeneration, and we are confident that Hexa can play a vital role in shaping the future of the city, and we are keen to meet like-minded people and have those conversations. Hexa has changed the skyline of Nottingham and Leeds; now it’s time to do it in Sheffield. “Having started as a student engineer and received great mentoring from all the senior Hexa team over the years, I’m also keen to help shape the next generation in the same way.” Jake Adams added: “We are committed to building strong relationships with clients and collaborators in Sheffield as we continue to immerse ourselves in networking and business development opportunities. We believe that our expertise, combined with our local knowledge, will enable us to deliver exceptional projects that meet the unique needs of the city. “We are both incredibly grateful to the leadership team at Hexa for backing our ambitions and to the senior team for being great role models. As two Sheffield locals, we are so motivated to deliver for our hometown and being able to live amongst a city we’ve helped to shape will be incredibly fulfilling. The new Hexa base is strategically located within Sheffield’s vibrant Heart of the City development. This prime spot provides easy access to key stakeholders, including architects, quantity surveyors, and other collaborators. The team has already secured several projects in Sheffield, including the prestigious West Bar development. The company is actively pursuing new opportunities and is confident that 2025 will be a year of significant growth for the Sheffield office. Richard Osbond, director at Hexa, said: “It’s great to be strongly kicking off 2025 with the opening of our office in Sheffield. Hexa has already secured several projects in Sheffield, including the prestigious West Bar development, which will allow our team to showcase its expertise in the region. “Both Harry and Jake bring a wealth of experience having supported our teams in Nottingham and Leeds, and have shown enormous passion in pursuing their professional goals as part of Hexa. I am confident in their ability to contribute to the city’s growth and in helping to deliver high-quality, sustainable projects.” For more information about Hexa, please visit https://www.hexaconsulting.co.uk/ Building, Design & Construction Magazine | The Choice of Industry Professionals
