Spanning 200,000 sq ft of EC2 office space, the 21-storey office tower is situated between Throgmorton Street and Copthall Avenue, with views across to the NatWest Tower, which was built during the same period of the 1970s.
TIAA-CREF Asset Management spent several years working with the City of London and architects from Fletcher Priest to gain permission for a redevelopment proposal. The new owners intend to implement the scheme by working alongside the City Corporation and the Clothworkers’ Company - the freeholder of the site – in order to transform the outmoded building into a ‘new City landmark’.
The development partners have already begun collaborating with each other, as part their successful bid for BBC Television Centre. With additional funding from the Alberta Investment Management Corporation, they have jointly paid £200 million for the iconic White City TV studio complex.
Chief Executive of Stanhope, David Camp hailed the partnership between the two companies and revealed that, after its redevelopment, the venue "will be a high quality and sustainable addition to the skyline with great views across London.”
With the City of London office market on the rise, the developers have projected that the completed scheme will be ready at an ideal time.
Stanhope has forecast an increasingly “limited supply of high quality office buildings and cumulative demand” from business occupiers.
The New York-headquartered TIAA-CREF has been active in the London property market for some time and recently sold two offices in Docklands for £130m.
As the Teachers Insurance and Annuity Association – College Retirement Equities Fund, the not for profit organisation’s primary objective is to offer pensions and insurance products to people working in the academic, medical, research and cultural sectors.