Union Investment and Quadrant Estate have begun initial consultation on their plans for their major reworking of One Coleman Street, the City office building that Legal & General is vacating, CoStar News can reveal.
CoStar News revealed in December that Quadrant had seen off other leading development managers bidding for the job including Nuveen, Stanhope and Co-re.
Germany's Union Investment bought the freehold in the circa 180,000-square-foot of offices from City of London Office Unit Trust, managed by Schroders, in 2005 for £125 million with the entire building prelet to institutional insurance and investment giant Legal & General.
In September 2024, Stanhope and the Woolgate Exchange Unit Trust confirmed that Legal & General had signed a 15-year lease to relocate its HQ from the building to 190,000 square foot of the Woolgate building.
Union and Quadrant have now launched a public exhibition seeking responses to initial proposals for a repurposing ahead of L&G's move from the building in 2027.
Unveiling the Hopkins Architects-designed plans the duo said: "The building no longer meets modern expectations. Its layout, environmental performance and relationship with the surrounding streets mean it falls short of what today’s businesses and the City’s ambitions for sustainability and competitiveness require. The proposals therefore present an opportunity to revitalise the building, improving its environmental performance and ensuring it continues to contribute positively to the future of this part of the City."
The plans will have a "retrofit first" approach with the central principle to "retain and reuse the existing structure, rather than demolishing and rebuilding the site".
The duo adds: "By reconfiguring the building’s internal layout and improving facilities, the scheme would deliver flexible, high-quality office space capable of supporting a wide range of occupiers, including potential international headquarters."
Quadrant is a leading London office developer, with current projects including the YY building in Canary Wharf and Osmo in Battersea.