Central European developer JTRE is promising what it terms a "next-generation office", in London's Southwark at 220 Blackfriars, a £400 million, 22-storey Grade A office and residential development. CoStar News went on site as the final concrete was being poured on the top floor of a development that has a unique social element.
JTRE London managing director Nigel Fleming says the group has been intensely focused on what makes a building work for its occupiers, but also on placemaking, given the scheme incorporates almshouses and community spaces around its Southwark base.
In a London office market that is highly competitive at the prime end, Fleming says the key is to get as much that is essential for occupiers into the shared amenity space, which has recently shifted towards prioritising giving occupiers flexible spaces for their needs. There are also some unique built-in ESG wins for the occupiers, with the emphasis very much on the social "s" in ESG.
The development, which is springing speedily out of the ground outside CoStar's windows at the nearby Blue Fin Building, proposes 220,000 square feet of offices. It also include 64 affordable houses, within almshouses, for local elderly residents, as part of the site's 250-year-old history.
Fleming, who earned his spurs working on London luxury residential developments for Knight Frank, says the plans have been shaped around how modern teams collaborate, connect and spend time in the workplace. They were drawn up by EPR Architects, the group behind the redevelopment of The Ned and the retrofit of 60 London Wall in London.
Hunter Booth, head of the West End office agency team at Savills, the joint leasing adviser alongside Newmark, says the building is nearing completion at a critical moment for the capital’s office market, with Grade A supply in the City of London forecast to run critically low by 2028. At the same time, occupier demand is becoming increasingly focused on what he terms "best-in-class, amenity-rich buildings in prime, well-connected locations".
Booth says the market is moving strongly in terms of headline rents. JTRE London's previous Triptych development nearby has been chalking up up rents of £90 per square foot, for instance. Savills reports that 2025 take-up in Southwark reached 689,305 square feet, the highest level since 2018, up 45% on 2024. It says those transactions took in 11 distinct occupier sectors, with tech, media, consumer and financial services occupiers continuing to lead demand. Booth says major prelets – such as BP's move to Landsec's Timber Square, as revealed by CoStar News – are underpinning market confidence, reflecting the breadth of the Southbank's occupier appeal.
The flight to quality dominates leasing activity, Savills reports, with Grade A space accounting for 97% of transactions in 2025 and 83% for BREEAM ‘Excellent’ or ‘Outstanding’ buildings. Rents for Grade A office space reached £79.71 per square feet in 2025, up 12% year-on-year and nearly double 2010 levels.
Fleming says JTRE has been "constantly thinking, 'what does the occupier want?'" throughout the process. To this end, over 10%, or 21,000 square feet of the building, is flexible amenity space, designed to support collaboration and wellbeing.
"The amenity on the 21st floor is a real value-add. We have needed to tick all of the boxes that can pull in the tenant as we do not have a location on top of a transport hub as some other buildings have," says Fleming.
The entire 21st floor is a landscaped terrace, one of the largest communal terraces in Southwark, with panoramic views across London, including a sky lounge and bar. Fleming points out that the floor is more than three times bigger than The View at the nearby Shard.
There are also flexible coworking spaces and meeting rooms to help tenants take less space and keep costs down, while every floor from levels three to 20 has access to a private terrace. There is also an auditorium and other bookable event spaces for corporate functions and gatherings, cycle storage, lockers, a dedicated cycle entrance and a food and beverage outlet on the ground floor.
Fleming says that in combining workplace, social space and hospitality, 220 Blackfriars responds to the growing shift toward flexible and hybrid working environments.
Booth says a lot of his job talking to potential tenants is made easier by the historic and diverse buildings and amenities close to the development, including Borough Market in London Bridge, the Globe Theatre and Tate Modern art gallery. "The Hoxton Hotel across the road adds a New Yorky element," he says. "The point is the scenic route if you walk here from Waterloo Station or Blackfriars or Southwark or London Bridge offers so much in experience for the employees."
Importantly, Booth says, Southwark is a "balanced borough" compared with other parts of central London. "People live here and there is a variety of uses to reflect that. There is a value perception in the area, too. We are very pleased with the levels of conversations we are having with potential occupiers. We don't have the mega floorplates that would appeal to a corporate looking to take the whole building; we have 11,300 square foot floors. So it is more likely to appeal to an occupier looking for 30,000 to 70,000 per square foot, and it will house three, four, five tenants."
Fleming says the building includes 445 cycle racks, a planning demand he suggests is ahead of what tenants are actually asking for, and terraces to all floors, which he sees as an important distinguishing factor. He does not confirm projected rents but GPE is rumoured to have signed AI group Quantexa for 52,293 square feet at The Delft, SE1, for close to a record £150 per square foot. Fleming will say conversations are likely to start in the "early 80s".
The social win
Another unique selling point is the ESG or, more importantly, the social contribution tenants will automatically make. This comes from the almshouses element of the project, a historic type of charity that provides homes for elderly local people. The development includes Edward Edwards’ House, bringing forward 64 new, 100% affordable almshouses for older residents in partnership with Southwark Charities. It is also pledging that 5% of office occupier rents – around £1 million annually – will be donated to Southwark Charities, supporting its local community grant programmes.
That means when it comes to social impact and community value, 220 Blackfriars Road is “blazing a trail” that other developers of commercial developments will follow according to Savills social value director Wesley Ankrah.
"JTRE London has taken a placemaking approach to 220 Blackfriars, ensuring local people genuinely feel the long-terms benefits of the development. Social impact is at the heart of the development, creating a new model for how commercial real estate can deliver long-term community value."
The site has been used for almshouses for over 250 years, after being endowed by stonemason Edward Edwards. The development of 220 Blackfriars increases the number of affordable homes on the site by 156%. A new community centre providing year-round programming is being provided as well as a charity hub, providing affordable workspace for local charities and organisations.
JTRE says 77 Southwark residents will also be supported into employment as part of the scheme, with 35 short training courses and 14 apprenticeships.
In terms of sustainability the building is targeting BREEAM Excellent, NABERS 5, EPC A and Net Zero Carbon*, alongside LEED Platinum, WELL, Modescore and Activescore certifications. It also proposes 11,500 square feet of planting and more than 50 trees, achieving a Biodiversity Net Gain of 126%.
Seamus Porter, a seasoned operations director from major projects in Dublin and London, joined JTRE London in 2023 and is overseeing the complex project. The building is scheduled to complete in the final quarter of 2027 and Porter is adamant everything will be completed well on schedule.
Part of this is down to his and JTRE London's experience managing multiple subcontractors delivering different elements on site at any time. To do this Porter says there has to be practical forward thinking across all the packages and contractors.
On the day of CoStar's visit a German company has arrived to fit unitised panels manufactured in Croatia and the team are busily moving these up the mega hoist in the centre while work continues across the remainder of the site aided by separate spider cranes.
"The packages we have with contractors mean we are in complete control," says Porter, "and moving towards topping out."
The tower’s architectural design draws inspiration from Southwark’s historic textiles dyeing industry, creating a distinctive facade unlike the glass boxes common in modern office developments. It is employing a special aluminium effect to replicate the look of terracotta, aiming to create a South Bank landmark and to reflect the identity and heritage of the surrounding neighbourhood.
In terms of wider concerns about appetite for office occupancy Fleming is adamant office use has "normalised" again. "Businesses are less dense and there is a different use of space. We are very focused on placemaking and on focusing on the real estate to add value and create community for that reason."
In terms of the next steps in London for JTRE, Fleming says: "We are looking at other options but it is about finding the right scale for us. It will be zone 1 again and the same scale, and intense mixed-use placemaking."
So what name should 220 Blackfriars be known by to join London peers such as The Shard, the Cheesegrater and the Can of Ham?
"The terracotta warrior?" Booth jokes. It does have a ring to it – you heard it here first.
JTRE – a potted history
The scheme forms part of JTRE London’s growing Southwark portfolio, alongside Triptych Bankside, which has been 100% let since 2023, and the RIBA Stirling Prize-winning Appleby Blue almshouses.
Established in 2019, JTRE London is a place-led developer focused on delivering mixed-use destinations that create lasting social and economic value. The company is the UK arm of a leading European real estate developer founded in 1996.
JTRE itself has delivered over 50 developments across Europe and completed more than 11 million square feet of residential and commercial space building projects with a combined gross development value of over €1.8 billion.