Stanhope and the Swiss Investment Foundation AFIAA are to start the redevelopment of Schroders’ former headquarters at 40 Gresham Street, EC2, this month, into a £200m office block.
The partners have also appointed Cushman & Wakefield as leasing agent on the nine-storey, 170,000 sq ft property, named Gresham St Paul’s, which is expected to be ready for occupancy by autumn 2020.
It will feature terraces on the top three floors, a café and a business lounge, as well as 254 bike and locker spaces.
The scheme is the first time Stanhope, which developed the original building on the site, and AFIAA have come together on a development project.
AFIAA head of asset management international Bardo Magel said: “We believe London is one of the world’s most important and dynamic centres for financial services and the new media and tech industry. By redeveloping Gresham St Paul’s, AFIAA is offering top premises to top corporate tenants and providing outstanding long-term added value to its investors.”
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