LaSalle receives a resolution to grant planning permission from City for net-zero carbon redevelopment of One Exchange Square

On behalf of Malaysian investor Permodalan Nasional Berhad (PNB), LaSalle Investment Management and development manager M3 Consulting have received a resolution to grant planning permission for the redevelopment of One Exchange Square in the City of London. The proposed scheme transforms an existing 1980’s commercial building into a vibrant new occupier focused Office and Retail destination.

PNB acquired One Exchange Square in 2012. The office space is fully occupied by European Bank for Reconstruction and Development (EBRD). Upon EBRD’s lease expiry in 2022, LaSalle, on behalf of PNB, will execute its strategic business plan to reposition the building into a resilient asset, committing to global ESG design.

Designed by Fletcher Priest Architects, the 13-storey scheme will deliver 422,000 sq ft of high-quality workspace and 15,000 sq ft of retail, fronting both Bishopsgate and the newly re-landscaped park at Exchange Square. With over 34,000 sq ft of external accessible space the building offers biodiverse terrace environments accessible from every floor.

One Exchange Square will have exemplary ESG credentials, 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, using intelligent façade design and mechanical services twinned with building management systems to manage operational energy use.

Rick Ramli, Chief Investment Officer, Private and Strategic Investments, PNB said: “PNB has recently introduced its Sustainability Framework where it has identified 10 ESG commitments under the Environmental, Social and Governance pillars. Under the Environmental pillar, PNB is committed to achieve a Net Zero Portfolio by 2050. We are encouraged by the integration of ESG in the refurbishment of One Exchange Square, which is in line with PNB’s Sustainability journey.”

Gary Moore, Managing Director, LaSalle Investment Management said: “We are delighted to have received a resolution to grant planning permission for this market leading Net Zero Carbon office scheme. Through a focus on ESG, occupier wellbeing and productivity we believe One Exchange Square represents the future of commercial offices in the City.”

Richard Hollingworth, M3 consulting said: “Through the work of an exceptional project team, One Exchange Square will deliver an exemplary office product with market leading carbon and sustainability credentials underpinned by a full digital twin building model. The building offers the highest quality office accommodation whilst utilising and enhancing the retained structure. We are looking forward to starting construction works in early 2023.”

JLL and Cushman & Wakefield are joint leasing agents.

About LaSalle Investment Management 

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

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