LaSalle Investment Management, acting on behalf of Malaysian investor Permodalan Nasional Berhad, has agreed two prelets totalling 238,000 square foot of offices at One Exchange Square, its development at Broadgate Campus in the City of London.
In a transaction revealed by CoStar News, Gibson, Dunn & Crutcher, a global law firm, has agreed to take more than 154,000 square feet on floors eight to 12.
Pacific Life Re, the global reinsurance business of Pacific Life, will occupy 84,000 square feet on floors six and seven.
Following the first prelet to FTI Consulting, which was also revealed by CoStar News, One Exchange Square is now 80% let ahead of practical completion, with another 15% under offer.
One minute from Liverpool Street Station, One Exchange Square has landscaped terraces on each floor and an 8,000 square-foot lounge. The building is scheduled for completion in the first quarter of 2026.
The development is targeting a BREEAM Outstanding rating, NABERS 5* and Well Platinum certification. During redevelopment, 90% of the existing structure was retained, supporting an anticipated 50% reduction in embodied carbon versus a typical new build office. The building will be 100% electric, supporting operationally aligned net zero carbon emissions when completed.
The proposed scheme is redeveloping a 1980s commercial building, which has been vacated by the European Bank for Reconstruction and Development, as a net-zero office-led development. The EBRD confirmed it was moving to a 365,000 square-foot headquarters in Canary Wharf in a deal revealed by CoStar News in 2019.
PNB bought One Exchange Square in 2012.
Gary Moore, head of international accounts, Europe, LaSalle Investment Management, said: “With these commitments, alongside FTI Consulting, the scheme is now 80% let ahead of completion, underlining the demand for best‑in‑class, highly sustainable workspace in the heart of the City – and our ability to deliver it, through an ambitious redevelopment programme. We believe One Exchange Square sets a new benchmark for London office schemes and is an enduring landmark that will remain highly sought after in the years to come.”
JLL and Cushman & Wakefield acted for LaSalle, while CBRE acted as tenant representative for Gibson Dunn and Savills acted as tenant representative for Pacific Life Re on the leasing of One Exchange Square.
The project was designed by Fletcher Priest Architects, with M3 Consulting acting as Development Manager and Multiplex Construction Europe serving as the main contractor. Trowers and Hamlin advised PNB on legal .