LaSalle Investment Management and development manager M3 Consulting have secured a resolution to grant planning permission for the redevelopment of One Exchange Square, EC2, on behalf of Malaysia’s Permodalan Nasional Berhad.
The investor is seeking to turn the existing 1980s building into a 13-storey scheme comprising 422,000 sq ft of office space and 15,000 sq ft of retail. It will also offer more than 34,000 sq ft of external accessible space.
The proposed scheme is designed by Fletcher Priest Architects. The location fronts Bishopsgate and a recently re-landscaped park at Exchange Square.
PNB bought One Exchange Square in 2012. The office space is fully occupied by the European Bank for Reconstruction and Development until lease expiry this year.
The scheme will target BREEAM “Outstanding”, NABERS five-star and WELL “platinum” ratings. Works are expected to start in early 2023.
Under the plans, 90% of the existing structure will be retained, while the building will have 50% lower embodied carbon than a typical office building of comparable size.
The project will be 100% electric and net zero carbon in operation, using intelligent façade design and mechanical services twinned with building management systems to manage operational energy use.
Rick Ramli, chief investment officer, private and strategic investments at PNB, said the investor is “committed” to achieve a net-zero portfolio by 2050.
Ramli added: “We are encouraged by the integration of ESG in the refurbishment of One Exchange Square, which is in line with PNB’s sustainability journey.”
Gary Moore, managing director of LaSalle IM, said: “Through a focus on ESG, occupier wellbeing and productivity we believe One Exchange Square represents the future of commercial offices in the City.”
Richard Hollingworth of M3 Consulting said: “Through the work of an exceptional project team, One Exchange Square will deliver an exemplary office product with market leading carbon and sustainability credentials underpinned by a full digital twin building model.”
JLL and Cushman & Wakefield are the joint leasing agents.
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