French insurance giant AXA has acquired 50 Fenchurch Street from The Clothworkers’ Company, complete with planning permission for a new 36-storey office tower.
The 650,000 sq ft development, designed by Eric Parry Architects, is notable for the greenery with which it will be covered.
The fully consented plans include the retention of the Tower of All Hallows Staining and Lambe’s Chapel Crypt, two historic listed buildings on the site, while a new Livery Hall will also be built for The Clothworkers’ Company as part of the development.
As part of the City of London’s initiative for a significant increase in urban greening in the built environment, it will incorporate vertical greening that is designed to mitigate air and noise pollution and improve biodiversity, enabling the scheme to target BREEAM Outstanding and net zero in operation.
YardNine will act as development delivery partner for the project with construction due to start in 2024 and delivery targeted for 2028.
Isabelle Scemama, global head of AXA IM Alts, and chief executive of AXA IM Real Assets, said: “Since the pandemic there has been a pronounced increase in demand from occupiers for high quality, sustainable and wellness-focussed offices.
“50 Fenchurch presents us with another rare opportunity to secure a prime development site in the City of London, which we continue to believe is one of the most desirable office locations in the world.”
AXA IM Alts also funded construction of the nearby 22 Bishopsgate, a 62-storey tower.
Image: The 50 Fenchurch Street development will become a prominent part of the London skyline (credit: DBOX for Eric Parry Architects)
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