Royal London Asset Management, on behalf of Royal London UK Real Estate Fund, has entered into a preleasing agreement with global law firm Hogan Lovells on the 266,000 sq ft Holborn Viaduct redevelopment.
The development is scheduled to start in July 2022. Hogan Lovells plan to move across the road into the development in December 2026.
Drew Watkins, RLUKREF Portfolio Fund Manager, commented: “The preleasing of this development is an excellent result for Royal London’s UK Real Estate fund. It represents the culmination of years of active asset management and runs to the heart of the fund strategy. Holding prime centrally located assets and city blocks for the long term, that are better suited to recycling than trading. Deriving a higher proportion of return from redevelopment, de-risked by the fact that even significant development is not concentrated due to the scale of the fund. This has made the fund an ideal delivery partner for Hogan Lovells.”
Philip Sutton, Head of Development, RLAM Property said: “The preleasing follows a long period of challenging work to obtain planning permission for this prime development with a project that embodies our Development Sustainability Standards to the full.”
Keith Miller, Head of Offices, RLAM Property added: “We are delighted to have been able to work so closely with such a key RLAM Property customer, matching the accommodation needs of their business into the future. We are excited to start the delivery phase of this collaboration.”
Penny Angell, UK Managing Partner at Hogan Lovells, said: “Our London office is of considerable strategic importance to the firm and our clients. Having occupied the Atlantic House building since 2001, we are excited at the opportunity to redefine how our space can best support our business and create something bespoke, while staying true to our values, heritage and 40+ year history in Holborn Viaduct. Having the space and technology that reflects our evolving working style and is flexible enough to adapt as the future needs of our people and our clients change is critical.”
David Crew, Head of Corporate Real Estate at Hogan Lovells, commented: “Hogan Lovells has a long history with the Holborn Viaduct area and we are excited to have signed an agreement for lease on this scheme. The development will meet our changing accommodation requirements whilst offering a vibrant, well-utilised facility that can be enjoyed by our people and clients alike. We are extremely supportive of the buildings high commitments to sustainability, greening and culture as it will support our responsible business commitments to the environment that include RE100, Race to Zero and our SBTi pledge to be net zero by 2030.”