Oxford Properties Group and Hines have agreed a new long-term lease with London Stock Exchange Group (LSEG) on 245,000 sq ft of office space at King Edward Court in Paternoster Square, London.
Oxford, which has owned the building since 2013, entered into a strategic partnership with Hines earlier this year and the joint venture partners have now submitted plans for the refurbishment and extension of the building, which has been LSEG’s home since 2004.
Designed by Carter Gregson Grey Architects, the redevelopment will see King Edward Court transformed into a state-of-the-art, sustainable and smart technology-enabled workplace and global headquarters for LSEG.
Landscaped balconies and terraces will be added to the upper floors and the sixth floor roof spaces will be transformed through the addition of a single and a double-storey pavilion, as well as an extensive roof terrace.
The JV partners are targeting BREEAM Excellent, EPC A and NABERS 5* certifications for the redevelopment project, which will retaining more than 95% of the existing structural frame and façade.
Jay Drexler, vice president, asset management, at Oxford Properties, said: “LSEG’s long-term commitment to its Paternoster Square headquarters, alongside our plans for a comprehensive refurbishment of Kind Edward Court, represent a significant milestone for the building. It is a privilege to partner with LSEG and to be able to play a part in continuing to its more than 300-year association with the City of London.
“Our proposals will not only create a state-of-the-art, modern, sustainable workplace with new roof terracing and a significant amenity offering, they also allow LSEG’s activities to be visible to the public, celebrating its heritage and the key role it has played in making the Square Mile one of the world’s leading centres of business and finance. Investment into offices remains a strong conviction theme for us globally and we are currently pursuing other investments and developments in the London market where there some exciting acquisition opportunities emerging.”
Pascal Boillat, chief operating officer at LSEG, added: “We are delighted to have agreed a renewal of the lease and refurbishment of our Paternoster Square office in the City of London. As part of the planned works, we will modernise the building, creating outstanding facilities for our people and our customers in the heart of the City.”
Oxford was advised by Knight Frank and LSEG was advised by JLL.
