Hines has unveiled plans to redevelop 25 Cabot Square, E14, bringing 200,000 sq ft of new office space to market at the 455,000 sq ft office building.
Hines acquired the building, which is to be rebranded the Cabot, in 2014 via a sale and leaseback with Morgan Stanley. The financial services firm occupies 250,000 sq ft over floors one to six of the building on a long term basis.
Hines will carry out a complete renovation of the office space across levels seven to 14, bringing more than 200,000 sq ft of new office space to the market when the work is completed in late-2018, coinciding with the opening of the new Crossrail Elizabeth line.
Construction work will begin in July to undertake a comprehensive redevelopment of the ground floor entrance, extending and remodelling the arrival and reception area, and adding an additional 10,000 sq ft of retail across four new units, which will include a restaurant, café and food and beverage outlet.
In addition to significantly increasing the street-level retail amenities, Hines is re-landscaping the public realm across the site.
The work provides flexibility for additional space to be delivered and will create new terrace level gardens on the 9th and 14th floors.
Hines said its decision to renovate the building was driven by a shortage of new or redeveloped stock coming to market.
Raj Rajput, managing director and head of asset management at Hines, said: “The renaissance of the Cabot reinforces our long-term commitment to Canary Wharf.
“The area is changing and is no longer the preserve of the financial services industry. Occupier demand is coming from an increasingly broad range of sectors, with TMT clearly at the fore, and there is a paucity of new, modern and flexible, large-scale workspace to serve this new dynamic.
Architect Carmody Groarke has been appointed to lead the redesign.
CBRE and Squarebrook have been appointed as leasing agents alongside existing adviser Knight Frank.
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