Leading design and build contractor McAleer & Rushe has been appointed as Principal Contractor by Wellcome Trust to deliver a major £52m office redevelopment at 80 Pelham Street in the Royal Borough of Kensington & Chelsea, West London. The project will transform a previously underutilised site into a sustainable, high-quality five-storey office building, totalling approximately 114,000 sq ft. Designed to meet modern office standards and attract long-term tenants, the scheme also respects the local heritage and enhances the surrounding streetscape. The development employs a contextual architectural approach, incorporating traditional materials such as stone and brick whilst drawing inspiration from surrounding heritage and neighbouring buildings. The design includes green roofs and terraces to support biodiversity, improved pedestrian experiences at street level, and the retention of gym facilities within the new building. The development is targeting BREEAM Outstanding, the highest environmental performance rating for building design, as well as WELL Platinum Certification, promoting health and wellbeing for building occupants. The project aims to achieve an EPC Rating A, demonstrating top-tier energy efficiency, as well as a NABERS 5-Star Rating for excellent operational energy performance. Enabling works are underway, with McAleer & Rushe delivering the main contract through to completion in October 2027. Darragh Greenan, Director at McAleer & Rushe, said, “We are proud to be chosen to deliver this exceptional new office development that combines outstanding design, sustainable practices, and community-oriented spaces. 80 Pelham Street, located in the Royal Borough of Kensington & Chelsea, is a prime example of our expertise in delivering modern, efficient workplaces that enhance the local environment and support the wellbeing of occupants. We look forward to working closely with our client, partners, and valued supply chain to bring this prime new office development to life.” Robert Coke, Head of Buyout Investments and Residential Property at The Wellcome Trust, said, “This is a landmark scheme for the Wellcome Trust and we’re delighted to appoint McAleer & Rushe as our trusted contractor. Their proven expertise and responsible approach give us full confidence as we move into the next phase to deliver vibrant new office space that will generate new jobs, attract talent and bring fresh energy to Brompton Cross.” Building, Design & Construction Magazine | The Choice of Industry Professionals

McAleer & Rushe has been appointed Principal Contractor by the Wellcome Trust to deliver a £52 million office redevelopment at 80 Pelham Street, in the Royal Borough of Kensington & Chelsea, West London. The scheme will revitalise a previously underused site with a five-storey, 114,000 sq ft sustainable office building designed to meet modern workplace standards and attract long-term occupiers. The project carefully balances contemporary design with local heritage, enhancing the character and quality of the surrounding streetscape. The development employs a contextual architectural approach, incorporating traditional materials such as stone and brick whilst drawing inspiration from surrounding heritage and neighbouring buildings. The design includes green roofs and terraces to support biodiversity, improved pedestrian experiences at street level, and the retention of gym facilities within the new building. The development is targeting BREEAM Outstanding, the highest environmental performance rating for building design, as well as WELL Platinum Certification, promoting health and wellbeing for building occupants. The project aims to achieve an EPC Rating A, demonstrating top-tier energy efficiency, as well as a NABERS 5-Star Rating for excellent operational energy performance. Enabling works are underway, with McAleer & Rushe delivering the main contract through to completion in October 2027. Building, Design & Construction Magazine | The Choice of Industry Professionals

The City of London Corporation has approved plans for a 31-storey office tower at 130 Fenchurch Street, formerly Fountain House. Backed by insurance giant Aviva, the scheme will deliver 57,491 sq m of Grade A workspace. Designed with a staggered, jewel-like form, the tower will add a distinct profile to the Square Mile’s cluster of tall buildings. Demolition of the existing block is scheduled for 2026, with completion targeted for 2030. Tom Sleigh, chair of the City’s Planning and Transportation Committee, said the project reflects the Corporation’s drive to support growth with high-quality workplaces, public routes and views, and to deliver jobs and best-in-class offices at scale. Building, Design & Construction Magazine | The Choice of Industry Professionals

Developers Mitsubishi Estate London and CO—RE have officially broken ground on Vista at 72 Upper Ground, a £800m mixed-use scheme on London’s South Bank. Main contractor Multiplex is delivering the 640,000 sq ft redevelopment of the former ITV Studios site, slated to open in 2029 as a new office and cultural destination. Designed by Make Architects, the commercially led scheme centres on a 25-storey office tower linked to two smaller buildings of 14 and 6 storeys, all set on a substantial podium. The design includes external terraces and balconies facing the Thames, a public rooftop restaurant and terrace, and a transformed public realm, with 40% of the site given over to public space. The buildings will be all-electric and are targeting net zero carbon in operation alongside BREEAM Outstanding. Masanori Iwase, senior executive officer at Mitsubishi Estate, said: “Breaking ground at Vista marks the beginning of a new chapter for London’s South Bank. We understand and respect the responsibilities that come with being a major investor in London, and it makes us very proud to demonstrate what can be achieved when working with local government and communities to achieve a shared vision.” Bradley Baker, chief executive of CO—RE, added: “This is a new cultural and commercial destination that will open up the riverfront, support Lambeth’s creative economy, and set new benchmarks for sustainability and wellbeing.” The ceremony brought together senior figures from government, international investment and the project team, including Japan’s ambassador to the UK, Hiroshi Suzuki. Building, Design & Construction Magazine | The Choice of Industry Professionals

Overbury has been appointed to deliver a landmark £1.1bn refurbishment of Citi’s 42-storey headquarters at 25 Canada Square, in one of the largest commercial refits undertaken in London. Originally unveiled in early 2022, the scale of Citi’s investment has now been confirmed at more than ten times initial estimates, underlining the bank’s long-term commitment to the UK and its role as a global financial hub. The project will reimagine the two-decade-old tower into a state-of-the-art, sustainable, people-centred workplace designed to future-proof Citi’s London operations. David Livingstone, Citi’s chief client officer, said: “This significant investment, which I am pleased to say is progressing on schedule and within budget, underscores Citi’s deep roots and future ambitions in the UK.” Around two-thirds of the £1.1bn spend will flow to UK firms and workers, creating substantial opportunities for SMEs across the supply chain. Citi said that by completion almost 6,000 people will have worked on the project, many living within 25 miles of the building. Edward Skyler, Citi’s head of enterprise services and public affairs, added: “It’s a statement to our thousands of colleagues that they deserve best-in-class workspaces and to our communities that they deserve our lasting commitment.” Delivered by Overbury, Morgan Sindall Group’s office fit-out and refurbishment specialist, the programme aims to set new benchmarks for workplace design, sustainability and user experience. Staff are due to begin moving back into the tower from spring next year. Citi employs about 14,000 people across the UK, including in London, Edinburgh, Belfast and Jersey, making the Canada Square redevelopment a defining project for the bank and a significant moment for London’s commercial property market. Building, Design & Construction Magazine | The Choice of Industry Professionals

Castleforge LLP , a London-based real estate investment firm, and Conversant Capital LLC, a New Jersey-based real estate investment firm that specializes in investing in platforms and providing creative capital solutions within the real estate and real estate-related sectors, today announced a partnership to invest in Central London office assets, including acquisitions and structured capital solutions. Affiliates of Conversant have committed an initial £150 million to Castleforge Partners V (Special Opportunities Fund) (the “Fund”), which will focus on investing in the Central London office market. “I’m excited to be working with Michael and his team. Our two organisations have a lot of overlapping relationships and think very similarly about investing,” said Michael Kovacs, Founding Partner at Castleforge. “Central London remains one of the most dynamic office markets in the world, yet the imbalance between supply and demand is now more pronounced than ever. With Conversant’s support, we are well-positioned to deliver prime, well-located office space at a time when companies are looking to bring employees back to the office and prioritise quality, connectivity, and sustainability. Our investment in 75 London Wall, a rare, large-scale redevelopment that will provide London with a new benchmark for high-quality, future-proofed workspace epitomises this strategy.” “Our partnership with Castleforge reflects our conviction in London’s office market and in our collective ability to identify and unlock value,” said Michael Simanovsky, Managing Partner of Conversant Capital. “We believe the current dislocation in the sector presents an exceptional opportunity, where limited new supply and rising demand create the conditions for outsized risk-adjusted returns. With our two firms’ deep domain expertise and relationships, coupled with a flexible mandate to invest across the capital structure, this Fund is structured to capture opportunities others cannot, combining downside protection with significant upside potential.”  The Fund is being launched at a time when demand for prime office space in Central London is well above the long-term average, supported by return-to-office strategies and relocations to more central, transport-connected submarkets. Meanwhile, construction cost inflation and a more burdensome regulatory environment have limited new development starts, creating a shortage of high-quality office space. Castleforge and Conversant believe this environment creates an attractive entry point for this strategy, which takes a value-add approach and expects to be able to invest at meaningful discounts to pre-pandemic pricing. The Fund is structured to invest in more than £1 billion of total asset value over the next several years. Importantly, it is designed to invest across the capital structure, including both equity and credit positions as well as joint ventures, enabling it to tailor solutions to a wide range of opportunities. Initial Investments The Fund, acting as a credit provider, recently closed on the £90 million recapitalization of 55 Mark Lane, a 162,000 square foot multi-let office asset in the City of London’s EC3 insurance district. Proceeds will refinance the existing mortgage and fund a capital improvement plan. Castleforge will serve as lender, asset manager, and development manager. The Fund also acquired a secondary interest in 75 London Wall, Castleforge’s flagship office redevelopment. At nearly 500,000 square feet, the project is among the largest underway in the City and is being repositioned into a next-generation workplace focused on sustainability, occupier wellbeing, and modern design. Building, Design & Construction Magazine | The Choice of Industry Professionals

Sentinel attracts significant investor interest Lismore Real Estate Advisors (Lismore) is pleased to announce the successful sale of Sentinel, one of Glasgow’s most recognisable office buildings, in a significant investment transaction that underscores growing confidence in the city’s office investment market. Lismore advised Ardstone Capital investment managers on behalf of the Ardstone Regional Office Fund a joint venture with CBRE IM on the £19.60m sale to Clydebuilt II Limited Partnership (CLP II), a joint venture between Scottish property company Ediston and Strathclyde Pension Fund (SPF). Prominently located on the corner of Waterloo Street and Douglas Street, Sentinel is a Grade A landmark office building offering high-quality and flexible accommodation, extending to 84,095 sq ft over ground and 9 upper floors, together with 26 secure basement car parking spaces. The prime asset has undergone comprehensive refurbishment, with the most recent works completed in 2022. It now offers superior sustainability credentials, including an all-electric specification, EPC ‘A’ rating and WiredScore ‘Gold’ certification. Through this repositioning, Ardstone attracted a high calibre of occupiers including JLL, DWF, Chubb, Aggreko and Sedgewick International. Commenting on the sale, Simon Cusiter, Director of Lismore said: “The sale of Sentinel represents one of the most notable office investment transactions in Glasgow city centre this year, reinforcing investor appetite for prime, income-producing assets in Scotland’s largest city. Ardstone Capital repositioned the building, helping attract high quality tenants and providing a platform for future performance. The quality of the building was highlighted by the competitive nature of the sale process” Calum Bruce, Fund Manager of CLP II said: “Sentinel provides Clydebuilt with an attractive income stream which can be further improved through active asset management and the letting of the vacant floors. In a market with a limited supply of high-quality office accommodation, Sentinel is an attractive opportunity for tenants looking for new premises, with good interest already being shown by prospective occupiers.” Lismore Real Estate Advisors represented Ardstone Regional Office Fund. Building, Design & Construction Magazine | The Choice of Industry Professionals

Stanhope and Cheyne Capital have taken the reins of Row One, a landmark consented development on London’s South Bank previously owned by Landsec. The partners have acquired the 1.24-acre site between London Bridge and Southwark Bridge, close to Borough Market and Tate Modern, and will now steer delivery of a best-in-class office building with a gross development value of around £450m. With demolition already complete, enabling works will pave the way for the main contract to begin in early 2026, followed by an anticipated two-year build. The consented scheme comprises two basement levels and 11 storeys above ground, providing 235,000 sq ft of flexible Grade-A workspace supported by 15,000 sq ft of retail at ground level. Generous terraces and outdoor areas are planned to maximise the site’s riverside setting and create the kind of amenities increasingly sought by occupiers. Stanhope will act as development and asset manager, drawing on a London pipeline that currently includes 70 Gracechurch Street, One Undershaft, The British Library and 1 Victoria Street. The company’s investment head, Joe Binns, called Row One “a rare opportunity to acquire a significantly de-risked, best-in-class office development in one of London’s most vibrant sub-markets”. He highlighted the South Bank’s continuing evolution as a complementary business district to the City, and pointed to a tightening supply of Grade-A space towards the end of the decade as a key context for the acquisition. “There is an opportunity for high-conviction investors to play a crucial role in ensuring the capital retains its position as a pre-eminent global business hub,” he said, adding that the deal brings another blue-chip capital partner into Stanhope’s orbit. Cheyne Capital, an alternative investment fund manager with a growing presence in real estate, will provide funding alongside Stanhope and help to shape the project’s sustainability ambitions. Nick Grosse, director in Cheyne’s Real Estate Group, said the partnership would deliver “a best-in-class office building distinguished by exceptional ESG credentials, design quality and occupier amenities”. He noted that the scheme already benefits from planning consent and significant site preparation undertaken under Landsec’s stewardship. Occupier expectations are central to the brief. The design is set to prioritise daylight, access to outdoor space, and high-performance building systems that reduce operational carbon and enhance resilience. Excellent connectivity—by rail, Tube, riverboat and active travel—adds further weight to the location’s appeal, while the retail accommodation aims to knit the ground plane into the neighbourhood’s established food, culture and leisure offer. For London’s office market, Row One is another signal that capital is flowing into highly specified, well-located, consented schemes with clear delivery pathways. While secondary stock faces tougher headwinds, prime developments that can demonstrate environmental leadership, strong amenities and transport links are continuing to move forward. If Row One advances on its current timeline, the project will complete into a market that many expect to be short of new Grade-A floorspace—particularly in amenity-rich, mixed-use districts such as the South Bank. As the team progresses design, procurement and enabling works, attention will focus on locking in the building’s sustainability credentials and tenant experience, alongside the rhythm of a construction programme set to begin in 2026. For now, the change of ownership marks a fresh chapter for a prominent riverside site—and another statement of confidence in central London’s long-term office fundamentals. Building, Design & Construction Magazine | The Choice of Industry Professionals