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London Stock Exchange signs headquarters commitment ahead of major makeover of City home

Oxford and Hines lodge plans for major extension of King Edward Court
The proposed redevelopment. (Miller Hare)
The proposed redevelopment. (Miller Hare)
CoStar News
October 3, 2025 | 8:18 AM

Oxford Properties, the investor and developer owned by Ontario Municipal Employees Retirement System, and Hines, the global real estate investor, have signed a long-term lease agreement with the London Stock Exchange Group for King Edward Court in Paternoster Square, following two years of collaboration on plans to create a major headquarters.

Hines entered a strategic partnership with Oxford on the property earlier this year. The 245,000-square-foot building at 10 Paternoster Square was initially bought by Oxford in 2013 and has been LSEG’s home since 2004, with the new lease maintaining the group’s more than 300-year presence in the City of London.

It is unclear what arrangements the London Stock Exchange will have during the works, but it is thought it will decant some staff either to its offices at 5 Canada Square, Canary Wharf or to the adjoining building, St Martins Court, that Oxford owns and where CBRE is an occupier.

Working with Carter Gregson Grey Architects, the joint venture has submitted a planning application for a refurbishment and extension of the original Eric Parry designed building. With works due to start in early 2027, King Edward Court will be redeveloped into a state-of-the-art, sustainably developed, and smart technology-enabled workplace and global headquarters for LSEG.

In addition to improved offices and improved amenity, the refurbishment will publicly showcase activities such as the London Stock Exchange’s market opening and closing ceremonies.

The London Stock Exchange’s foundation stone, dated 1801, and marking the construction of one of its former homes, will be on permanent display as part of the facade, alongside more modern artefacts.

The plans for offices include landscaped balconies and terraces added to the upper floors. The sixth floor roof spaces will include a single and a double storey pavilion, as well as an extensive roof terrace with planting.

The project is targeting BREEAM ‘Excellent’, EPC A and NABERS 5* certifications. By retaining over 95% of the existing structural frame and facade, the project will significantly reduce embodied carbon. There will be new cycle storage and changing facilities.

The area around Paternoster Square is being redeveloped with the creation of 3,000 square metres of public realm at Greyfriars Square, which will become the City of London’s largest public square, as well as HSBC’s return to the Square Mile when the redevelopment of its headquarters on Newgate Street is completed in 2027.

Oxford is a longstanding office investor with a circa C$30 billion invested into the sector globally in a 30 million-square-foot portfolio that comprises workspace including Hudson Yards in New York, The Stack in Vancouver, Das Center in Berlin and The Blue Fin Building in London. Oxford has deployed C$2 billion into offices in the past six months and the sector is one of its strongest conviction calls, with the London market a particular focus given what it calls the "resilient investment fundamentals and strong occupier demand for high quality, sustainable and well located offices".

Jay Drexler, vice-president, asset management, at Oxford Properties, said in a statement: “LSEG’s long-term commitment to its Paternoster Square headquarters, alongside our plans for a comprehensive refurbishment of Kind Edward Court, represent a significant milestone for the building. It is a privilege to partner with LSEG and to be able to play a part in continuing to its more than three-hundred-year association with the City of London. Our proposals will not only create a state-of-the-art, modern, sustainable workplace with new roof terracing and a significant amenity offering, they also allow LSEG’s activities to be visible to the public, celebrating its heritage and the key role it has played in making the Square Mile one of the world’s leading centres of business and finance. Investment into offices remains a strong conviction theme for us globally and we are currently pursuing other investments and developments in the London market where there some exciting acquisition opportunities emerging.”

Pascal Boillat, chief operating officer, LSEG, said: “We are delighted to have agreed a renewal of the lease and refurbishment of our Paternoster Square office in the City of London. As part of the planned works, we will modernise the building, creating outstanding facilities for our people and our customers in the heart of the City.”

Oxford was advised by Knight Frank and LSEG by JLL.

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News | London Stock Exchange signs headquarters commitment ahead of major makeover of City home