PATRIZIA and development partner Far East Organisation have awarded the £50m main build contract for the redevelopment of 108 Old Broad Street in the City of London to McLaughlin & Harvey.
PATRIZIA secured planning consent in November last year to transform the 1980s building into 120,000 sq ft of Grade A workspace. Works are due to commence this month with practical completion targeted for August 2027.
Dan Williams, head of investment management development at PATRIZIA, said: “This appointment marks the transition from consent to delivery at 108 Old Broad Street and a key step in executing our repositioning strategy for prime City assets. With the building stripped out and ready to mobilise, we are progressing into construction with a strong team in place to deliver significant upper floor extensions, best-in-class amenity and an all-electric building strategy. Our focus now is on safe, efficient execution and quality outcomes through to completion.”
Chris Collins, pre-construction director at McLaughlin & Harvey, added: “We are proud to partner with PATRIZIA on a redevelopment that combines significant structural interventions with ambitious sustainability targets. Our focus will be on delivering the extensions and all-electric building strategy to the highest quality standards while maintaining programme certainty in a busy City environment.”
Ker Gilchrist, head of UK investment management at PATRIZIA, said: “The redevelopment of 108 Old Broad Street demonstrates how we connect international capital with our own asset solutions to deliver a Grade A, amenity-rich building offering compelling relative value in the City market. As we move into the construction, we remain focussed on disciplined execution to ensure the asset is positioned strongly for occupiers seeking quality and sustainability in a core financial district location.”
The project team includes Stiff + Trevillion, Quartz, Gardiner & Theobald and Montagu Evans. Knight Frank and Cushman & Wakefield have been appointed as joint leasing agents.
