Deka Immobilien has bought the entity that owns Cannon Place for £485 million, reports Savills.
Cannon Place provides 418,198 sq ft of Grade A office, retail and ancillary accommodation arranged over two basements, ground and eight upper floors. It is fully let to six office tenants and one retail tenant, including CMS Cameron McKenna, Threadneedle Asset Management, Franklin Templeton, i2 Offices, the CBI and BLME.
The income weighted average unexpired term is in excess of 18.5 years.
In November 2016, Cannon Place achieved full occupancy following the final letting to CMS Cameron McKenna and Deka approached Hines and agreed an off market transaction.
John Heaver, director at Savills, comments: “This prized landmark, core City of London development has excellent transport links, a rich mix of tenants and unusually long income.”
Ross Blair, Senior Managing Director and Head of Hines UK added: “Hines is incredibly proud of this project which was borne out of high quality architecture and engineering solutions. The development attracted a prestigious occupier line up which is testament to the space created and its location in the heart of the City.”
Savills represented Deka on the acquisition whilst CBRE represented the seller.
19/04/2017 09:44 by Buildington
Savills is marketing 34,186 - 83,937 sq ft office space at Cannon Place. The building offers flexible, efficient and virtually column free office accommodation. Built over Cannon Street station, the building offers panoramic views of the Southbank, St Paul’s Cathedral and the City skyline.
For more information contact Savills savills.co.uk.
27/10/2016 10:55 by Buildington
The Confederation of British Industry (CBI) is to move its headquarters to new offices in Cannon Street, London, after more than 30 years at its present Centre Point home.
Staff at the UK's leading business organisation will make the switch to a 25,000 sq ft space on the fourth floor of the eight-floored Cannon Place development in the spring.
The CBI director-general, John Cridland, said he was looking forward to the move to the new offices, on which the organisation has signed a 15-year lease.
“Centre Point has been the CBI’s home for over 30 years so the decision on new location has been hugely important to us," he said.
“We are delighted to have found Cannon Place - it is a great building in a prime location with easy access to transport links for our members and our staff.
“Next spring really will be a time of renewal as we mark the beginning of an exciting new chapter in the CBI’s history.”
Mark Swetman, director at international real estate firm Hines, which developed Cannon Place, said: “Attracting the UK’s most prominent business organisation is a real coup, and we’re thrilled to welcome the CBI to Cannon Place. It is a premium building, which we always knew would attract premium tenants.
“We are particularly pleased by the speed at which we were able to close the deal, and we look forward to the CBI arriving at the building next Spring.”
Earlier this year, Hines completed a 140,000 sq ft letting to law firm CMS Cameron McKenna at Cannon Place, which was developed in partnership with Network Rail and London Underground. The scheme incorporating the re-development of the two previous office buildings and the renovation of Cannon Street station, one of London’s busiest transport hubs which serves 27 million passengers a year.
Cushman & Wakefield acted for CBI, with Savills and CBRE representing Hines.
Source: CBI www.cbi.org.uk 9. December 2013
10/12/2013 14:46 by Buildington
Hines is aiming for rents of £57.50 per square foot, slightly below what new buildings have recently been fetching, reports The Wall Street Journal. Ross Blair, the company's newly appointed managing director for the Houston-based company's U.K. operations, is now trying to rent the building floor by floor, as well as seeking tenants for larger spaces. Read more at www.wsj.com.
22/02/2012 00:23 by Buildington
Hines Celebrates Completion of Cannon Place in London
Lord Mayor Heralds Development as a Symbol of the City's Vision and Conviction to Thrive as Global Center.
The London office of Hines, the international real estate firm, celebrated the completion of its new Cannon Place landmark office development in the heart of London on Tuesday. The project is a joint venture with Network Rail and London Underground, delivering almost 400,000 square feet of prime office space, new retail amenities and incorporating the re-development of Cannon Street station.
Addressing an audience at a gala lunch hosted by Hines at the new building, the Lord Mayor of London, The Right HonourableAlderman Michael Bear, officially declared the building complete and open for business, stating that “The completion of this remarkable development represents a significant milestone in the confidence I believe we are seeing return to the city. At a time when the supply of high quality office space is limited, Cannon Place represents a building completed at the right time, in the right place. It is not only one of the largest schemes to complete in the city this year; it is aesthetically stunning and is a tremendous addition to the city’s streetscape. Hines had the vision and the conviction to build through the recession, and I am sure such judgment and courage will be rewarded when leasing space in the building in the coming months. Buildings such as Cannon Place are crucial for the future prosperity of the city, providing the environments to attract global corporate occupiers to help London maintain its position as the world’s greatest financial center.”
Mark Swetman, Hines’ project director for Cannon Place said, “We are incredibly proud of this building, which we believe complements its illustrious surroundings. Our vision was to create a landmark office development tailored to today’s exacting occupier requirements, but which also enhances the urban fabric of the City of London and embodies the quality and longevity which are hallmarks of Hines’ approach to development. Alongside its location and connectivity, we believe the unusually large floor plates of 50,000 square feet of virtually column-free office space will hold major appeal for occupiers looking for flexible, open-plan workspace. We were already receiving significant interest in the building, and now that Cannon Place is complete, we look forward to welcoming our first tenants very soon.”
Cannon Place has been developed in partnership with Network Rail and London Underground, with the scheme incorporating the re-development of the two previous office buildings (acquired by Hines from MWB in 2002), and the renovation of Cannon Street station, one of London’s busiest transport hubs which serves 27 million passengers a year. The renovation incorporates the upgrade of facilities such as ticketing, restroom amenities, new shops, and building a new concourse and brighter station for passengers.
In keeping with Hines’ philosophy of working with best-in-class, the company assembled a development team comprising architects Foggo Associates, contractor Laing O’Rourke, and project consultants Arup.
The building itself represents a major feat of engineering. Made from glass and steel, Hines has adopted complex techniques used in the construction of the world’s major suspension bridges, to give the dramatic appearance of the building ‘floating’ above the station. When complete and fully occupied, the building will provide a workplace for up to 4,000 people.
Built over eight floors, Cannon Place delivers 389,000 square feet of highly specified, contemporary Class A space. Each floor offers 50,000 square of efficient and virtually column-free space with uninterrupted light. The upper floors provide spectacular panoramic views across the city skyline toward St Paul’s Cathedral. On the ground floor adjacent to the station entrance there is provision for up to 10,000 square feet of retail space.
CB Richard Ellis and Savills are the joint leasing agents for the property.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm's historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,126 properties representing more than 459 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in 106 cities in 17 countries, and controlled assets valued at approximately $23.7 billion, Hines is one of the largest real estate organizations in the world.
Source: hines.com, 28.09.2011
01/10/2011 10:39 by Buildington