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May 27, 2015

Partners Group and Marick begin £200m office development in London

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Switzerland-based private equity firm Partners Group has announced plans to develop a Grade A office building at 80 Fenchurch Street in London, UK.

The firm will partner with Marick Real Estate for the project, which has an estimated value of £200m.

The development has been planned for a location in the City of London for good transport connections.

Partners Group Private Real Estate co-head and partner Claude Angéloz said: "The 80 Fenchurch Street development is a fit with our strategy of selectively developing core properties that meet end-user demand in markets with strong fundamentals.

"The finished building will be a notable addition to the City of London’s stock of attractive and premium-quality office properties."

"It is a great site in a prime location and the finished building will be a notable addition to the City of London’s stock of attractive and premium-quality office properties."

Joint developers will need to demolish an existing, vacant building on the site by the end of June in order to start works.

Partners Group and Marick Real Estate will initiate construction for the development early next year, with completion estimated to be in the first three months of 2018.

The building will be stand at 14 storeys-high and provide 245,000ft² of commercial space.

Grade A office space for the development will have design features such as a series of tiered roof gardens.

Partners Group Private Real Estate vice-president Stuart Keith said: "The recent rebound in the UK economy has created a significant supply-demand imbalance in the City of London in terms of Grade A office space, with vacancy levels close to historic lows and rents steadily climbing.

"80 Fenchurch will be perfectly placed in terms of location, timing and quality of build to capitalise on this attractive market opportunity."

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