LaSalle Investment Management, acting on behalf of Malaysian investor Permodalan Nasional and development manager M3 Consulting, has gone under offer to lease a first 120,000 square feet at its redevelopment of One Exchange Square in the City of London, CoStar News can reveal.
Global corporate consulting group FTI Consulting, the parent company of the real estate communications group, is set to be the first tenant to sign a prelet at the 462,000-square-foot office-led development across the three lower floors.
The group's principal office in London is at 200 Aldersgate where it occupies around 93,000 square feet, though it has several others across London.
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.
PNB bought One Exchange Square in 2012. The EBRD confirmed it was moving to a 365,000 square-foot headquarters in the Canary Wharf business district in a deal first revealed by CoStar News in 2019.
Designed by Fletcher Priest Architects, LaSalle, PNB and M3's new 13-storey scheme comprises 422,000 square feet of workspace and 15,000 square feet of retail, fronting Bishopsgate and the newly re-landscaped park at Exchange Square. The building will have 34,000 square feet of external accessible space including biodiverse terrace environments.
One Exchange Square is targeting BREEAM Outstanding, NABERS 5* and Well Platinum. By retaining 90% of the existing structure, the building will have 50% lower embodied carbon than a typical office building of comparable size. The project is 100% electric and net zero carbon in operation.
JLL and Cushman & Wakefield are joint leasing agents. Cushman & Wakefield is advising FTI.
There is market speculation that the building is among the preferred options for London requirements for Phoenix Re and Oracle for up to 100,00 square feet in total.
All parties declined to comment.