LaSalle Investment Management, acting on behalf of Malaysian investor Permodalan Nasional and development manager M3 Consulting, is set to add another major tenant at its redevelopment of One Exchange Square in the City of London, with close to 300,000 square feet of lettings close to being agreed, CoStar News can reveal.
CoStar News revealed in September that global corporate consulting group FTI Consulting had gone under offer to lease a first 120,000 square feet on the lower three floors. That would see FTI become the first tenant to sign a prelet at the 462,000-square-foot office-led development.
Market sources said law firm Gibson Dunn is also now close to taking 140,000 square feet on the eighth to 12th floors, leaving the top 13th floor available. It is thought the space would lease at a blended rent of around £100 per square foot. In addition, American software giant Oracle is now favourite to take the 40,000-square-foot fifth floor.
Gibson Dunn is based at Telephone House, 2-4 Temple Avenue in 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. The EBRD confirmed it was moving to a 365,000 square-foot headquarters in the Canary Wharf business district in a deal revealed by CoStar News in 2019.
PNB bought One Exchange Square in 2012.
Designed by Fletcher Priest Architects, the 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.
Parties involved declined to comment.