AXA Investment Managers - Real Assets has agreed to first pre-letting at flagship London development with innovative lease to Hiscox for at least 81,000 sq ft of space in Twentytwo
Twentytwo is the 1.4m sq ft (c. 130,000 sqm) people-focused development in the heart of London being managed by AXA IM - Real Assets, on behalf of an international consortium of investors, with Lipton Rogers Developments retained as developer.
Twentytwo will become Hiscox’s principal office in London, where it has taken 75,000 sq ft (c. 6,960 sqm) on the 8th, 9th and 10th floors of the 62 storey building, on a lease expiring in 2037, with the first staff due to take occupancy as part of a phased move in early 2021.
Providing occupiers with flexible leasing options is a key part of AXA IM - Real Assets’ offer at Twentytwo and it has structured the agreement to include a number of innovative components. Firstly, the lease provides Hiscox the option to take up to 90 desks of short term, fitted out space within Twentytwo, meeting its requirement to house specific project teams. Hiscox also has an option over half of the 11th floor (12,500 sq ft / c. 1,160 sqm), which gives Hiscox flexibility to expand its core office for future growth.
Hiscox is a well-known supporter of the arts and has a long track record of uncovering and supporting emerging talent which has allowed it to build a large collection of pieces from renowned and international artists. The ability to display this art was an important consideration for Hiscox when making the decision to move. This requirement fitted well with the strong emphasis AXA IM - Real Assets and Lipton Rogers Developments have placed on art as a key part of Twentytwo, and under the terms of the lease Hiscox will be able to contribute to this by working with AXA IM - Real Assets to display its own collection in certain parts of the building.
Currently under construction and due to complete in late 2019, Twentytwo is a new, people-focused workplace expected to accommodate a community of up to 12,000 people. It has been designed to put user experience, community and human interaction at the centre of its offer and will be the first major London building to embrace the structural and cultural shifts in how people work and live, embracing a range of community amenities and using the latest technology.
Twentytwo’s central themes of wellbeing and community aims to allow tenants to benefit from the direct correlation between happiness at work and quality of workplace with increasing an individual’s productivity and creativity. To help achieve this, Twentytwo will house a diverse range of community spaces, providing its occupants with access to a fresh food market, innovation hub, gym with London’s first climbing window 125 metres from the ground, wellbeing retreat and spa, business club, bike park, as well as the capital’s highest free public viewing gallery, with art interventions throughout.
Twentytwo will also be built to the highest technology and sustainability standards, in order to support the varying needs of businesses today and in the future, and is the first building in the UK to apply for the Delos WELL Building Standard.
Harry Badham, UK Development Director at AXA IM - Real Assets, said: “Signing our first lease marks the next important step in the story of Twentytwo and we are very pleased to welcome Hiscox as the first members of the Twentytwo community. Providing flexible and innovative terms to meet the specific needs of tenants are key to the Twentytwo offering, alongside the ability to address changing workplace expectations as well as a significant focus on community, wellbeing, interaction and connectivity. This approach has been key to both attracting Hiscox as our first tenant and the level of interest we have received from other potential occupiers. We hope to announce further members of the Twentytwo community in the near future.”
CBRE and JLL acted for Twentytwo while BH2 acted for Hiscox.
06/08/2018 21:53 by Buildington
Insurers Beazley and Hiscox are said to be in negotiations over taking space in at 22 Bishopsgate, reports Evening Standard.
The companies might take 80,000 sq ft each while agents are also close to landing US insurer Aspen.
Source: Insurers eye new offices at London skyscraper 22 Bishopsgate, Evening Standard, standard.co.uk 20.04.2018.
25/04/2018 14:00 by Buildington
AXA Investment Managers, acting on behalf of a consortium of international investors, together with its development partner Lipton Rogers Developments, have unveiled their vision for the highly-anticipated office building Twentytwo, located at 22 Bishopsgate in the heart of the City of London.
Their concept responds directly to the major shifts in the way people work and live, brought about by cultural, demographic and technological advances in the world of work.
Twentytwo has been designed as a place people will want to work in, and as a building that represents a new approach to office design. At its core, Twentytwo aims to offer choice – choice to eat healthier, choice to exercise, choice to speak to others and share experiences and choice for the occupiers in creating their own, bespoke workspaces. It is designed to increase wellness, engagement and productivity, ultimately making a significant and positive impact on the businesses and people that will form its community.
The 62-storey tower will be the first of its kind to house a fresh food market, innovation hub, gym, wellbeing retreat and spa, curated ‘art walk’, business club and cycle hub, as well as the London’s highest free public viewing gallery. It will be the first UK tower to contain in excess of 100,000 sq ft of integrated amenity and social spaces, creating an inspiring, healthy and energising workplace for a vibrant and diverse business workforce of 12,000 people.
Isabelle Scemama, CEO of AXA IM - Real Assets, said: “We invested in Twentytwo for the long term and have been bold with the concept in order to both set new standards for workspace in London and to ensure that the building is future-ready. The critical mass of the project has allowed us to push the boundaries of what is possible in an office building. London continues to show the world that it is an adaptable and resilient global city and we are confident its place as an eminent international business centre will remain, with Twentytwo an integral part of its future success.”
Designed by Karen Cook of PLP Architecture, Twentytwo will offer 1.275 million sq ft of flexible workspace for all sizes and scales of businesses to work in. Recognising that companies are increasingly looking to collaborate across disciplines and sectors, plans for Twentytwo include a dedicated space to support start-ups and entrepreneurs, providing the ability to connect emerging innovators with larger companies within Twentytwo’s community, while at the same time providing more established tenants with access to the next generation of creative talent.
Sir Stuart Lipton, partner at Lipton Rogers Developments, said: “Twentytwo is different - a first of its kind. We recognise the role of the office has changed, with workplaces now needing to do so much more than simply accommodate people. They are becoming hubs for bringing colleagues together - ‘high-tech coffee shops’ where people meet, share, collaborate and develop ideas, strategies and solutions. Twentytwo will be a truly ‘social’ workplace with different spaces for people to socialise, focus and energise. It represents how we will all be working in the future.”
The relationship between employee wellbeing and productivity is central to the Twentytwo ethos, being the first UK core and shell building to apply for the International WELL Building Institute™ (IWBI™) WELL Building Standard™ (WELL). A state-of-the-art fitness hub will include London’s first climbing window, installed directly on the inner face of the building’s external wall. This will be situated 125 metres from the ground and provide panoramic views across the City. The scheme will offer London’s largest provision of cycle parking with up to 1,700 spaces, and will include a dedicated amenity to support employee wellness, incorporating a spa and treatment area as well as zones to relax and meditate.
Twentytwo will offer an exceptional vista of the London skyline from the city’s highest free public viewing gallery, complete with top level restaurant. At the building’s base, workers will be able to enjoy an ‘art walk’ in the triple-height lobby. This programme of curated works of art and sculpture will be commissioned on a revolving basis to provide an inspiring and ever-changing display at street level.
The building forms the centrepiece of the City of London’s cluster, with access to a commuter workforce via mainline rail networks, tube and, from 2018, Crossrail. The dynamic and future-facing nature of the scheme echoes the City’s own evolution, with Twentytwo perfectly positioned to attract a diverse range of businesses as London’s centre continues to move eastwards.
AXA IM - Real Assets’ Twentytwo leasing director, James Goldsmith, said: “Over the past 10 years there has been a clear shift in London’s axis to the east. Renowned for its financial business infrastructure, the City’s cultural and social credentials are now thriving. Rather than focusing on a series of distinct sub-markets, occupiers are now choosing locations based upon their intrinsic benefits rather than historic reputations.”
Catherine McGuinness, policy chairman of the City of London Corporation, said: "We are proud to support the development of Twentytwo in the City of London. On its completion it will be one of the tallest buildings in the City skyline and will be a real sign of how London is open for business. As well as traditional occupiers, we are increasingly seeing a new wave of technology, media and telecoms companies drawn to the City’s world-leading connectivity, cyber security, infrastructure and cultural and retail offering. With more than 50,000 more people expected to work in the Square Mile over the next thirty years, Twentytwo is a world-class example of how we will meet the demand for modern office space and diverse occupiers."
Twentytwo is currently under construction and is due to be completed in 2019.
CBRE and JLL have been appointed joint leasing agents on the project.
27/06/2017 11:53 by Buildington
Mayor of London has approved plans for the new development at 22 Bishopsgate.
The planning application was for:
Construction of a building arranged on three basement floors, ground and 61 upper floors plus mezzanines and plant comprising floorspace for use within Classes A and B1 of the Use Classes Order and a publicly accessible viewing gallery and facilities (Sui Generis); hard and soft landscaping works; the provision of ancillary servicing and other works incidental to the development. (199,224sq.m GEA).
LPA Case No 15/00764/FULEIA
14/12/2016 18:25 by Buildington
The insurer and development partner of 22 Bishopsgate Lipton, Rogers Developments, has submitted a revised planning application to the Corporation of London, reports Evening Standard.
The developers have taken 23 metres off the height, which means the tower will be 59 storeys (255 metres).
Source: New Bishopsgate skyscraper gets 'haircut' to avoid City Airport flights, Evening Standard www.standard.co.uk 5.12.2016.
06/12/2016 13:31 by Buildington
Real estate and asset manager AXA Investment Managers - Real Assets has announced that, on behalf of a consortium of international investors, it will continue construction of 22 Bishopsgate in the City of London.
The commitment to 22 demonstrates AXA IM - Real Assets’ and the consortium of international investors’ confidence in how appealing this highly progressive c.1.4 million sqft (c.128,000 sqm) development will be to all types of international and domestic occupiers. This confidence is based on the unique and broad range of amenities and types of space that 22 will offer, as well as its prime location in the City of London, as one of the leading global centres for international business, notwithstanding the current uncertainties created by the EU Referendum.
AXA IM - Real Assets, together with its development partner Lipton Rogers, expect to finalise the appointment of a contractor for the main build of the tower within the next few weeks, with work due to commence thereafter. Significant preparatory works have already been undertaken on the site, including substantially completing the foundations and ground works, which utilised those from the previous unfinished development, to allow for an accelerated construction timetable, with a target completion date of 2019.
On completion, 22 will be a new model and standard for workplace design and management, with the objective of meeting emerging occupier needs for greater space, adaptability, productivity and employee satisfaction. The building, designed to appeal to a broad range of occupiers, will offer extensive amenities and spaces for meeting as well as shared work environments, including an innovation centre that will support progressive new City businesses. A wide range of services, new technologies and events will serve the community of over 12,000 people working within 22.
Plans include dedicated areas for leisure, health and wellbeing. In line with AXA IM - Real Assets’ ambition to be a globally sustainable business, notably by targeting 75% of total direct property under management to be certified with reputable sustainability labels by 2030, 22 is the first UK building to apply for the Delos WELL Building Standard. This certification recognises the impact that buildings have on the health of their occupiers.
Pierre Vaquier, CEO of AXA IM - Real Assets, said: “Our ongoing commitment to 22 Bishopsgate reflects our firm belief, and that of our clients and partners, in this development project, aligned to the fact we are taking a long term view of this investment. The decision to proceed underscores our confidence in the progressive and attractive development that we will deliver at 22, coupled with the anticipated breadth of demand from local and global occupiers for easily accessible space in a prime location in the City of London, as one of the leading global centres for international business, that will respond to their future business needs.”
28/10/2016 11:18 by Buildington
The City of London Corporation’s Planning & Transportation Committee has given planning permission for a new tower at 22 Bishopsgate.
The site has planning permission for the “Pinnacle” tower which was given planning permission and begun before the financial crisis. The planning permission for the new tower does not invalidate the old one, meaning that in theory either design could be built.
After the Committee, Chief Planning Officer Annie Hampson said: “This is a substantial high-quality tower. 22 Bishopsgate exemplifies many of the qualities we are looking for in our landmark buildings – it is elegant, calm, and open to the public. A viewing gallery at the top will provide for workers, visitors, residents with the opportunity to look out over the City free of charge. Tall buildings in the City’s Eastern Cluster near transport hubs are an effective way of creating the increase in office space and employment needed for a growing London.”
18/11/2015 12:00 by Buildington
The core of The Pinnacle is currently being demolished to make way for a new 62-storey skyscraper 22 Bishopsgate.
Construction of The Pinnacle stopped four years ago at level 9.
23/08/2015 22:38 by Buildington
Designs for the proposed tower at 22 Bishopsgate will be displayed for the first time today as part of a public exhibition. The exhibition is to be held on site at 22 Bishopsgate and comes ahead of the anticipated submission of a new planning application later this summer. The new design follows the acquisition of the site earlier this year by a consortium of international investors led by AXA Real Estate, with Lipton Rogers acting as development partner.
22 Bishopsgate will fill an obvious gap at the centre of the City's cluster of tall buildings. Work stopped in 2012 on the previous development of the site, which was granted planning approval in 2007 and had a consent that was designed for different economic conditions, with only the foundations, basements and the lift core up to level nine having been completed. Of the existing structure, the foundations and basements will be retained, helping minimise the disruption from the new proposal.
The new design, led by Karen Cook of PLP Architects, responds to recent towers, which have been approved and developed in the area since 2007, whilst respecting designated views from around London. The proposed building is 278m and 62 storeys tall; 10m lower than the previously approved consent. Overall the building will provide more than 1.4 million sqft of net internal area with the floor plates shaped to reduce the mass of the building, whilst offering the optimum size and configuration for potential occupiers.
At the top of the building will be a public viewing gallery, which will have dedicated lifts, be free to the public and sit alongside a two storey public restaurant and bar.
London's position as a world leading Global City and continued predictions for its employment growth are putting pressure on the supply of central London office space which meets the needs of modern businesses. With the advent of Crossrail at Liverpool Street, 22 Bishopsgate is in the heart of one of the best-connected CBDs in Europe and fulfils the increasing need for high-density employment space that maximises the benefits of this public investment in infrastructure.
On completion, 22 Bishopsgate will be an integrated vertical city which accommodates over 12,000 people, and has been conceived to provide an exceptional work environment including an extensive range of amenities, services and facilities, arts and entertainment. In the nine years since the previous design was approved, both business and employee expectations for their workplaces have led to increased standards in office design and management. The proposals for 22 Bishopsgate have taken a fresh look at this new environment based on international best practice and aim to create a better place for people to experience whether at work, at play or when visiting.
22 Bishopsgate aims to create a community; the plans include spaces for meeting and collaboration, as well as a range of cafés, food outlets and a conference centre, complimented with amenities such as a medical centre, library, a wellness suite, and specialised sports facilities. 22 Bishopsgate will host art installations, curated events and seminars, while on the ground floors, there will be a programme of coached sessions ranging from cookery through to language lessons.
Large floorplates provide flexibility that will appeal to all business sectors
The spatial design of the proposed floorplates and their size – over 20,000 sqft at most levels – offer increased flexibility for interior layouts with a variety of working spaces, which can accommodate internal staircases and winter gardens to support business activity and improve productivity. This means that 22 Bishopsgate will be equally appealing to a wide range of businesses from all sectors across London and of all sizes.
The flexible approach to space is coupled with oversized floor-to-ceiling heights that deliver 20% more window space than conventional office building and provide exceptional views as well as a natural light, which helps promote the building's aim of improving wellbeing; a theme which is evidenced by the fact that 22 Bishopsgate aims to be the first building in London to adopt the new Delos WELL Building Standard. The Delos standard is the world's first building standard focused exclusively on human health and wellness and assesses people using the building to measure, certify and monitor features that impact health and wellbeing.
In addition to its exceptional accessibility by public transport, 22 Bishopsgate, will achieve a BREEAM Excellent sustainability certification and a 25% carbon saving compared to the previous scheme, partly due to the triple glazed ultra-efficient façade.
The building will set new standards in promoting cycling, providing a parking facility on site for over 1,500 bikes and over 100 showers, along with hire, repairs, sales, safety training, spinning classes, laundry and drying facilities.
Improving safety and reducing congestion through a unique consolidated delivery plan 22 Bishopsgate will also be the first major office building in London to use an off-site consolidated delivery centre to minimise vehicle movements to the site - reducing pollution, improving security and diminishing the number of cyclist accidents with HGVs. Supplies to and waste from the building will be delivered to a consolidation centre outside central London and energy efficient vehicles will then make far fewer deliveries to the site outside peak pedestrian movement and rush hour times.
Commenting on the proposed development, Sir Stuart Lipton of Lipton Rogers said: "22 Bishopsgate will represent an elegant addition to the City of London at the heart of the cluster of tall buildings. Technically advanced with care for people at the heart of its strategy and taking new ways of working as its essence, the building will assist personnel to feel motivated and earn its place as the finest working environment in Europe with wellbeing and a range of social facilities that make the work experience less stressful, as well as more uplifting and efficient."
Anne Kavanagh Global Head of Asset Management and Transactions at AXA Real Estate, added: "Our commitment to develop 22 Bishopsgate is driven by London's status as one of the preeminent world cities and its continued capacity to generate employment and growth. As with our other projects, 22 Bishopsgate has an underlying commitment to create a sustainable building environmentally, socially and economically. This investment is being made for the long term and – along with public and private investment into the local transport and infrastructure – we believe will continue to strengthen central London's position as an international business location."
The exhibition of the proposed development will run from 12-2pm, and 4-8pm until Friday 19 June and 10am-4pm on Saturday 20 June.
Source: AXA www.axa-realestate.com
18/06/2015 00:43 by Buildington
AXA Real Estate Investment Managers has exchanged contracts, on behalf of an international consortium of investors, to acquire 22 Bishopsgate, London EC2 (formerly known as The Pinnacle) from Pinnacle No 1 Limited to develop a new building partnering Lipton Rogers Developments.
In the all-equity transaction, AXA Real Estate, acting as development & asset manager, on behalf of the international consortium of investors, has retained Lipton Rogers as developer. The consortium intends to develop a new landmark tower, designed by leading architects PLP, at the heart of the City of London, close to Liverpool Street Station. The new tower will provide over 1 million sqft of prime offices, including retail as well as restaurant and bar space. There will be a public viewing gallery at the top of the building.
Pinnacle No 1 Limited will retain an interest in the top floors of the building which will provide a unique leisure offer with separate ground floor access.
A planning application for the new 22 Bishopsgate tower will be submitted within the next few months. Construction is expected to commence by the end of 2015 with completion scheduled for the end of 2018.
AXA Real Estate, on behalf of the investors’ consortium, is advised by JLL and CBRE advised Pinnacle No 1 Limited.
Anne Kavanagh, Global Head of Asset Management & Transactions at AXA Real Estate, commented: “The acquisition of 22 Bishopsgate represents a significant opportunity to purchase a prime office development site at one of the most desirable office locations in the City of London. Our experience of underwriting development opportunities and putting together international investor clubs has been pivotal to bringing a transaction of this size and complexity together. The project has enormous potential and we believe that the combination of AXA Real Estate’s strong track record of development in London and internationally, together with the long term prospects of London as a world leading city and international finance centre, present a compelling investment opportunity.”
Sir Stuart Lipton, Partner of Lipton Rogers, said: “We are now delighted to be partnering with AXA Real Estate having worked on 22 Bishopsgate with PLP Architects and WSP for over three years. We have developed an innovative design for an exceptional office tower with art and character, shaped to respect views of the City and designed to be more than an office building with social amenity spaces, restaurants, bars and retail units as a new vertical City campus reflecting the City’s ever changing consumer base."
20/02/2015 13:42 by Buildington
29/09/2013 17:13 by Buildington
Work on the skyscraper will resume after developers stopped construction when they ran out of funds, reports Evening Standard.
A £500 million rescue package was agreed to finish the 288-metre Pinnacle tower. Khalid Affara, managing director at Arab Investments, has confirmed HSBC will fund its development.
26/09/2011 10:29 by Buildington
New in Buildington!
Spiraling 288 meters (941 feet) upward from its base, the Pinnacle tower will form the apex of an emerging cluster of tall buildings in the centre of London’s financial district. Designed to make substantial contribution to the public realm, the project involves reopening a ground-level pedestrian passageway closed to pedestrians by a previous building on the site since the 1980s and linking a number of important public spaces along Bishopsgate and St. Mary Axe.
03/06/2011 01:47 by Buildington