The – AP reduction – Land
Ivanhoe Cambridge, a Quebec real estate investment expert, is launching a redesign of Stone Cutter Court in London on the outskirts of the city as part of a joint venture with Allianz. The lease to complete part of the building in the future has already been finalized with a law firm called Travers Smith.
The purpose of the redevelopment is to create a new generation of office spaces that cater to the needs and aspirations of the users, to provide an environment conducive to strategies for attracting talent and retaining customers.
In addition, subject to regular approvals from competing authorities, Ivanhoe Cambridge will establish a partnership with Alliance Real Estate, which operates on behalf of the Allies, through a new 50/50 joint venture. This collaboration will create a new generation of London offices for both partners. After work, the new building will be one of the best in the world in its class and will be ideal for users looking for high quality, experienced and flexible office space.
Ivanhoe Cambridge has signed the first large-scale lease with Travers Smith, the UK’s leading law firm. Traverse Smith has signed a 15-year lease of nearly $ 15,000 million. The move is scheduled for the first quarter of 2025.
Stone Cutter Court is located in the most desirable and lively part of London. With its location, Farrington, at the gateway to the City of London, provides instant access to global companies, primary residential areas and world-class services such as shops, restaurants, hotels and entertainment. This growth is in line with the long-term strategy of the joint ventures.
Upon completion of the redesign, the net rental area will increase by 66% from 14,000m to 23,000m. The Stone Cutter Court 13-storey office complex will have two basement levels, one floor and one platform, and will consist of four floors. The project is characterized by a number of services, including four business locations, and the interior courtyard will be redesigned to be accessible to the public.
Richard Saul, UK managing director at Ivanhoe Cambridge, says getting an unplanned loan during an outbreak is a great achievement and testifies to the quality of the property. The new building will be a major contribution to the new work experience of our client and partner Travers Smith. It shows how the design of a new workplace that incorporates wellness and ESG standards will enrich the lives of our customers.
Gary Bitkin, Business Development Leader for Europe at Alliance Real Estate, added: “We expect offices located in the heart of sustainable metropolitan areas to focus more on user well-being and experience. After workplace after infection. It is this long-term view that creating such an attractive opportunity to invest in Stonecutter Court will create lasting value for our investors.
In this transaction, Ivanho advised on legal aspects through Cambridge CMS, Leasing of PH2 & Knight Frank, and issues related to CO-RE development, in a securities joint venture in the East.