6 Bevis Marks London, AXA Real Estate, Spec Office Building UK
6 Bevis Marks : Speculative Office Building London
6 Bevis Marks Building – design by Fletcher Priest Architects
6 Bevis Marks London Development
6 Bevis Marks London, England – building topping out news. 12 Jul 2013
17 Feb 2012
6 Bevis Marks London
Design: Fletcher Priest Architects
AXA Real Estate and MGPA appoint Skanska and start construction of £115 million 6 Bevis Marks London development scheme
170,000 sqft speculative office scheme set for completion in September 2013
AXA Real Estate Investment Managers (“AXA Real Estate”), the leading real estate portfolio and asset manager in Europe*, with over €42 billion of assets under management as at December 2011, in partnership with private equity real estate investment advisory company MGPA, announce that they have appointed Skanska to commence construction on 6 Bevis Marks, the major new 170,000 sq ft office development in the City of London. Development finance for the speculative office scheme has been provided by Eurohypo and the project has an expected circa £115 million total development cost.
6 Bevis Marks is located in the heart of the City of London’s insurance district, and its 2013 delivery date will allow it to capitalise on the Square Mile’s general lack of new build office supply. The scheme benefits from its close proximity to the major transport hub of Liverpool Street, where a new crossrail terminus will be added in 2017 to the existing rail, underground and bus stations.
Skanska has been awarded the full design and build contract for the Fletcher Priest Architects designed scheme, having previously been engaged during the demolition phase. The design includes floor plates ranging in size from 6,000 sq ft to 13,000 sq ft, making the development suitable for a broad range of clients either on a single or multi-let basis. Furthermore the asset is targeting a BREAAM ‘Excellent’ sustainability rating and will be 80% more energy efficient than the building it replaces. It also reuses over 50% of the original structural mass that is part of an extensive sustainability agenda that shortens the construction programme, and helps avoid risks in the ground.
Jones Lang LaSalle is the leasing advisor to AXA Real Estate and MGPA.
*Source: INREV Survey 2010 published in June 2011.
Harry Badham, AXA Real Estate’s UK Director of Development said: “This development, with its spectacular sky-garden on the 16th floor, will provide one of the most exciting additions to the skyline in the City’s tower cluster, alongside the Gherkin and the Heron Tower. We believe Bevis Marks will provide an exceptional workspace and is being delivered at a time when new build space will be in short supply, further emphasising our ability to source innovative assets which have the potential to create significant value for our clients.”
George Graham, Country Manager, UK at MGPA said: “We are very pleased to appoint Skanska as our construction partner to assist in creating this distinctive office building that responds to the future demands of the modern workplace.”
Paul Heather, Managing Director at Skanska said: “To be appointed as principal contractor for the construction phase of this innovative 170,000 sq ft new build development is a challenging prospect, but one that we relish and we are confident that, alongside AXA Real Estate and MGPA, we can deliver an outstanding and highly sustainable new office property onto the market.”
6 Bevis Marks London – Background Information
AXA Real Estate Investment Managers (AXA Real Estate), a wholly-owned subsidiary of AXA Investment Managers, is the largest real estate portfolio and asset manager in Europe, with €42 billion of assets under management as at the end of December 2011. It has over 130 third party institutional clients spread across the world, in addition to managing funds for 10 AXA insurance companies.
With 500 real estate professionals operating in 22 countries, AXA Real Estate’s competitive advantage stems from its global fund management expertise combined with extensive on-the-ground deal sourcing, asset management and development execution capabilities.
AXA Real Estate structures and actively manages or advises investment products, seeking wide ranging opportunities along the risk spectrum to deliver targeted returns commensurate with clients’ risk profiles, through a variety of investment strategies. These range from core to opportunistic, country-specific to geographically-diversified, sector-specific to multi-sector, with the capacity to invest at all levels of the capital structure.
Global growth remains a key priority and AXA Real Estate is currently expanding its presence in both the US and Asia, most recently with the launch of its US office in June 2010. Assets under management have grown from €17 billion 10 years ago to €42 billion today.
AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with approximately €514 billion in assets under management as of the end of September 2011. AXA IM employs 2,400 people around the world and operates out of 23 countries.
MGPA is an independently managed private equity real estate investment advisory company focused on real estate investment in Europe and Asia. Through its network of offices in Europe and Asia, we currently manage approximately US$11 billion in assets throughout these two regions. Our managed investments include development and redevelopment projects, joint-ventures and real estate operating companies in the office, retail, industrial, residential and hotel sectors. For further information please visit www.mgpa.com.
6 Bevis Marks images / information from Fletcher Priest Architects
6 Bevis Marks – previous information on this London Speculative Office Building
picture © Fletcher Priest Architects
Location: 6 Bevis Marks, London, England, UK
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