Barings has secured planning consent to add an additional two floors to 25 Moorgate in the City of London as part of a comprehensive refurbishment of the building.
When the refurbishment completes in Q4 2024, the Grade A office building will offer 79,500 sq ft of EPC A, BREEAM Outstanding and Nabers 4.5-star rated space.
Barings acquired 25 Moorgate on behalf of its Barings Real Estate European Value-Add II (BREEVA II) in March 2022 and is refurbishing the space alongside development manager LBS Properties and architects Morrow + Lorraine. Blenheim House Construction has been awarded the main construction contract.
Barings said the retrofitting of the building is in line with the LETI 2030 principles and creates less upfront carbon (A1-A5) than a newly constructed building.
Paul Smith, director of UK asset management at Barings, said: “25 Moorgate is set to be an excellent example of the results that can be achieved from a comprehensive refurbishment of a building to create a best-in-class ESG product, with a targeted BREEAM rating of Outstanding that will put it in the top 1% of the UK’s most sustainable buildings.
“With Capital House at 85 King William Street now fully occupied and both TIDE Bankside and 25 Moorgate becoming available to pre-let, we remain confident in the attractiveness of workspaces with prime ESG credentials in prime locations and look forward to achieving further milestones across our central London office developments and refurbishments.”
JLL and Cushman & Wakefield are joint agents at 25 Moorgate.
