The Brunei Investment Agency, the sovereign wealth fund of the sultanate of Brunei, has appointed developer Bridgemont and Hopkins Architects to work up proposals for a redevelopment of One Embankment Place, a major office building above Charing Cross Station in Westminster.
The work comes as the building's occupier, Big Four accountant PwC, considers options for relocation in London.
The building was designed by the late Sir Terry Farrell. Bridgemont, the London property developer, said the early vision for One Embankment Place will seek to "honour and preserve the architectural legacy of the iconic building, whilst adapting it to meet the evolving needs of the public and modern-day occupiers". Early conversations have taken place with Sir Terry's son Max Farrell, the founder of the LDN Collective and a former partner at Farrells, about the plans.
Bridgemont said initial plans focus on "sensitively enhancing the building’s relationship with the surrounding streetscape, improving the arrival experience and connections at ground level".
The site will also be repositioned as a "vibrant destination for business, culture and tourism", by improving connections between the building, Charing Cross Station and Villiers Street. It will also support ground-level retail and improve the pedestrian experience.
The plans will take a "retrofit first" approach and will reduce energy usage and improve the performance of the building, targeting the highest sustainability credentials. It will seek to minimise both embodied and operational carbon.
The surrounding Victorian brick arches will house retail and amenities.
The parties said there had been dialogue with PwC, which has been the building’s sole occupier from its completion in 1991. They write: "Ongoing conversations with the project team have helped understand their evolving occupier needs as a world-leading business."
The talks come as PwC continues to be live with a 300,000-square-foot requirement in London.
CoStar News reported in August on how the firm is working with Cushman & Wakefield on the 250,000- to 300,000-square-foot requirement as it reviews its London office portfolio ahead of an upcoming lease expiry at 1 Embankment Place.
Locations it is exploring are thought to include Mitsubishi Estate London and CO-RE’s redevelopment of 72 Upper Ground, the former home of ITV Studios on London's South Bank, sources added. Savills and Cushman & Wakefield are joint leasing agents on the £800 million development, which will include around 640,000 square feet of offices, food and beverage, and arts and culture space.
This would see PwC vacate 1 Embankment Place where it occupies around 303,000 square feet on floors one to nine, on a lease expiring in 2030. Market sources suggested PwC may seek to structure a deal that enables it to consolidate London offices back at the site once a redevelopment is completed.
In May 2024, CoStar reported that PwC had shortlisted Cushman & Wakefield, Savills and CBRE as its potential adviser on stay-or-relocate options for its London office portfolio. The firm occupies almost 900,000 square feet in the capital across 1 Embankment Place and 7 More London Riverside, SE1, in London Bridge where it occupies around 425,000 square feet with a 2035 lease expiry.
Mark Wenlock, principal at Bridgemont, said in a statement: “This is an exciting opportunity to enhance a truly unique site in central London. We’re focused on delivering improvements that respond to the needs of the public and occupiers alike, while celebrating the building’s legacy and its role as a key gateway to the West End.”
Mike Taylor, Principal at Hopkins Architects, said: “It is a privilege to be entrusted with the evolution of 1 Embankment Place – a building that holds a distinctive place in London’s architectural landscape. Our sensitive approach is guided by deep respect for Sir Terry Farrell’s original vision, and we are committed to ensuring the building continues to serve its community and occupiers with relevance, resilience and dignity for generations to come.”