GM wins Angel Court pitch

GM Real Estate secured the mandate to find tenants for the EC2 tower, one of the most sought after development opportunities to be sold this year, after a competitive pitch against some of the UK’s biggest agents.

Last month, Mitsui Fudosan and Stanhope completed their £65m purchase of 1 Angel Court from US financial services firm TIAA-CREF.

In May 2011, TIAA-CREF unveiled its plans for the redevelopment of 1 Angel Court, which will see the comprehensive redevelopment of the 21-storey office tower, which is expected to be built speculatively.

The net lettable floor area will increase from around 200,000 sq ft to 350,000 sq ft. The building will also include significantly improved public space for retail shops and restaurants and roof terraces for tenants.

The appointment is the latest high profile City instruction for GM’s leasing team. In January, GM Real Estate was appointed alongside Jones Lang LaSalle by Brookfield Office Properties and Oxford Properties as leasing agents on their City scheme, London Wall Place. Last October, Blackstone appointed GM Real Estate and Knight Frank to give leasing and asset management advice at Devonshire Square.

Plans for 1 Angel Court also include the redevelopment of 33 Throgmorton Street, EC2, and redevelopment of the podium to create larger floorplates.

The redeveloped tower will meet 2013 energy standards resulting in improved energy efficiency and significant energy savings over the current usage. Redevelopment is scheduled to begin later this year and is expected to be completed in 2016.

The building is made up of a podium and tower, the latter of which will be increased from 96m to 113m, and entirely reclad in glass. One Angel Court is occupied by JP Morgan until the third quarter of 2013, but sub-let to various tenants.

The scheme, designed by Fletcher Priest Architects, will include reconfiguring, extending and re-cladding the existing tower. The new building will target the BREEAM “Excellent” rating.

All parties declined to comment.


Source: James Buckley, CoStar News