CBRE Investment Management to Undertake Major Office Refurbishment at Prime City of London Location
November 14, 2023
CBRE Investment Management (“CBRE IM”) has announced a comprehensive repositioning of 10 Gresham Street, London following planning consent from The City of London Corporation.
The Foster + Partners designed building has been reimagined by leading architecture practice, Gensler to deliver a high-performance office environment with a focus on sustainable resource use. Meeting the needs of modern occupiers, the 145,000 sq ft Grade A office refurbishment will introduce a 5,146 sq ft roof terrace - carefully curated to create a series of distinct zones - from outdoor meeting areas and flexible event space to a sensorial garden, with a 2,700 sq ft multi-purpose indoor rooftop pavilion, providing panoramic views of St Paul’s Cathedral and City tower cluster.
The refurbishment aims to minimise the embodied carbon through recycling and repurposing materials, preserving the original structure, including its iconic façade and removal of fossil fuels, to create a zero-emission building in operation, enabling a more efficient and sustainable building for the next phase of its life. This will include passive design measures for energy efficiency, sustainable materials with responsible sourcing, and waste reduction initiatives throughout construction.
Upon completion, the refurbishment aims to deliver BREEAM Outstanding, WELL Platinum ratings and 250 kg CO2 / m2 Embodied Carbon which is 67% below RIBA 2030 Carbon Target.
Matthew Barratt, Director, and Office Asset Manager at CBRE IM said: “This is an exciting opportunity to revitalize an iconic office building into super prime office space. In the City of London currently, there’s increasing demand and limited supply of premium-quality, highly sustainable office space focused on employee health and wellbeing. This refurbishment repositions 10 Gresham Street with the aim to meet the demands and expectations of the modern-day occupier.”
Global construction and consultancy business, Mace has been appointed and will commence construction in Q4 2023 with completion forecast in Q1 2025. Mace will help ensure the project delivers an estimated £7m worth of social benefits such as providing vocational qualifications, education outreach, well-being programmes, and a volunteering project for a local charity or community group. Mace has committed to deliver 150 volunteer hours, two work experience opportunities, and four community activities.
Knight Frank and Cushman & Wakefield have been appointed as Joint Leasing Agents.
The appointed Project Team is Thamesis as Development Management, Gensler as the Architects, Knight Frank as Project Manager and Cost Consultant and AECOM as Building Services Consultant.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $144.2 billion in assets under management* as of September 30, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.