JPMorgan securing one of the largest off-plan office prelets in London in recent years to American financial services group Squarepoint Capital was the letting in the capital that had the most impact in 2025, according to the judging panel of real estate professionals, winning it a CoStar Impact Award.
65 Gresham Street is a landmark 400,000-square-foot Grade-A building in the heart of the City being developed by JP Morgan Asset Management and with completion scheduled for the first quarter of 2028.
The project team employed an innovative digital modelling process during workshops to gain consent for an additional 100,000 square foot across four new upper floors. The parties said that approach saved between nine and 12 months of design work and proved instrumental in the successful preleasing outcome.
Working alongside the RX London team JPMorgan sought to secure vacant possession while coordinating a bespoke preleasing campaign. That ultimately secured Squarepoint Capital as the occupier for the entire building on a long-term lease commitment ahead of vacant possession.
Squarepoint Capital is a discreet financial occupier which sought a London headquarters to accommodate long-term growth plans. It occupies around 120,000 square foot at present and has committed to the entire building.
CoStar News revealed the transaction.
About the project: 65 Gresham Street is a comprehensive refurbishment and extension project that retains 85% of the original superstructure, making it one of the largest building reuse projects in the City. The development features 26,000 square feet of terraces across nine floors, 22,000 square feet of new pedestrianised public realm and 11,900 square feet of retail and fitness amenities.
The building is BREEAM Outstanding with 85% of the existing structure retained and developed with a net zero operational carbon strategy.
What the judges said: Guy Bowring, director at Tuckerman Commercial, said: “There were some very impressive deals and this was not an easy decision. However, this was a significant and impressive deal in terms of design, marketing and delivery in securing a prelet on a totally redesigned scheme whilst retaining significant element of the original structure. There were innovative approaches to design and also marketing, which ultimately helped secure this tenant. The end result also provides some additional amenity for the area, whilst providing superb office accommodation on a significant scale. All these points together underline this as the best of a very good selection of deals.”
Alina Sokolenko of The Association of Sustainable Development Experts said: “The Squarepoint lease at 65 Gresham Street combines largest scale, strongest ESG metrics, highest complexity, major prelet risk mitigation, and true City-wide market impact.”
Phillip Bennison, Managing Director at Intense Capital, said: “All parties associated with the design, marketing, leasing negotiations and entrepreneurial risk-taking deserve recognition for achieving an outstanding, off-plan, prelet of this scale and complexity.”
They made it happen: Dan Burn and Helie Pryce at RX London advised JPMorgan Asset Management with James Nicholson and Aaron Scilly at CBRE advising Squarepoint.
Project Team: JPMorgan Asset Management, Squarepoint, Preview Management, Cityscape, MaxQ Consulting, Buro Happold, Gardiner & Theobald, Arup, Squire & Partners, Turner & Townsend alinea, Longevity Partners, Point 2, CBRE, Stepladder, &Dave, Clifford Chance, Fladgate LLP, Allen & Overy, MAPP.
