LaSalle Investment Management and development manager M3 Consulting have received a resolution to grant planning permission for the redevelopment of One Exchange Square.
The development by Malaysian investor Permodalan Nasional Berhad will transform the existing 1980’s commercial building into a new occupier focused Office and Retail destination.
PNB acquired One Exchange Square in 2012 and the office space is currently fully occupied by European Bank for Reconstruction and Development (EBRD).
EBRD will be moving to 365,000 sq ft space at 1-5 Bank Street in Canary Wharf upon the expiry of the lease in 2022.
The new 13-storey building designed by Fletcher Priest Architects will comprise 422,000 sq ft of high-quality workspace and 15,000 sq ft of retail.
The scheme will be targeting BREEAM Outstanding, NABERS 5* and Well Platinum. By retaining 90% of the existing structure, the building will have 50% lower embodied carbon than a typical office building of comparable size. The project is 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, PNB commented: “PNB has recently introduced its Sustainability Framework where it has identified 10 ESG commitments under the Environmental, Social and Governance pillars. Under the Environmental pillar, PNB is committed to achieve a Net Zero Portfolio by 2050. 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, LaSalle Investment Management added: “We are delighted to have received a resolution to grant planning permission for this market leading Net Zero Carbon office scheme. 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, M3 consulting commented: “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. The building offers the highest quality office accommodation whilst utilising and enhancing the retained structure. We are looking forward to starting construction works in early 2023.”
JLL and Cushman & Wakefield are joint leasing agents for One Exchange Square.
See also: Milestone - Planning application submitted 27.10.2021