Orchard gets construction underway at 125 Wood St - Gryphon Property Partners and Jones Lang LaSalle have been appointed joint letting agents
26th July 2013
The project is one of only two speculative developments in the prime quadrant of EC2 between the Bank of England and St Paul’s.
Orchard Street is developing the building on behalf of a pension fund client, and Brookfield Multiplex has been appointed as contractors.
The building is a stunning Aukett Fitzroy Robinson design facing onto Wood Street midway between Cheapside and Gresham Street. The headquarters style building provides 65,000 sq ft of grade A offices and is expected to be rated BREEAM “Excellent” when completed in September 2014.
Chris Bartram, chairman of Orchard Street, said: “We are delighted to have started a project of this quality in a prime area of the City at a time when the signs of rental growth returning to the market are visible. The building will be a long term investment for our pension fund client”.
According to Jones Lang LaSalle, year to date take-up is at its highest level since 2007 (3m sq ft) and levels of active demand are improving as occupiers turn their attention to investing in their businesses. Of the 4.2m sq ft of speculative development underway in the City, 1.7m sq ft is already Pre-let and a further 300,000 sq ft is under offer.
Gryphon Property Partners and Jones Lang LaSalle have been appointed joint letting agents.
Source: James Buckley, CoStar News