The co-owner of Battersea Power Station, Permodalan Nasional Berhad, has appointed LaSalle Investment Management to deliver a revamp of 175 Bishopsgate, EC2.
It will be the investment manager for the 13-storey building.
Gary Moore, head of international accounts at LaSalle IM, said: “Our team is experienced in reinventing City assets and will implement a first-class refurbishment in 2022 to deliver exceptional returns.”
The building, known as One Exchange Square, is currently the London base for the European Bank for Reconstruction and Development, which has occupied the entire 370,484 sq ft of office space in the building for nearly 31 years.
It is due to vacate the property in 2022 having decided last May to relocate to Canary Wharf where it has agreed to lease 365,000 sq ft across the top 13 floors at 1-5 Bank Street, E14, on a lease of more than 10 years.
Permodalan Nasional Berhad acquired 175 Bishopsgate from KanAm Grundinvest Fonds in 2012 for £395m, according to Radius Data Exchange.
It is located on British Land and GIC’s Broadgate Estate where several buildings are being redeveloped and have attracted a range of occupiers, including law firm Milbank, adviser Peel Hunt, and Japanese bank Sumitomo Mitsui.
Italian marketplace Eataly has taken space at 135 Bishopsgate, and British Land has plans to create a new park on Exchange Square. The area will also benefit from the eventual arrival of Crossrail.
Permodalan Nasional Berhad also owns magic circle law firm Linklaters’ current home at 1 Silk Street, EC2. Linklaters is understood to be in advanced discussions about moving to the redevelopment of 20 Ropemaker, EC2, being carried out by CO-RE on behalf of Old Park Lane Management, once its lease expires in 2026.
LaSalle’s track record includes the redevelopment of 60 London Wall, EC2, which will provide 325,000 sq ft of office space over 10 floors and 20,000 sq ft of retail space once complete.
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