JP Morgan Asset has signed Squarepoint, the global investment management firm, for a prelet of the entire 400,000-square-foot 65 Gresham Street development in the City for its London office.
The building is being developed by institutional investors advised by JP Morgan Asset Management, the alternative asset manager of the US bank with $3.6 trillion in assets under management.
The Squire & Partners-designed landmark was until recently the long-term home of Avison Young and is being redeveloped, with completion due in 2028.
The £200 million scheme received planning approval in January 2024, and on completion 65 Gresham Street will be one of the largest building reuse projects in the City of London, avoiding demolition through large scale reuse and regeneration. The all-electric office building will target a 66% whole life carbon reduction and operational carbon at 12% lower than the 2022 Greater London Authority criteria.
There will be new food and beverage fronting Aldermanbury which is to be pedestrianised. The building, which includes an extension of the existing structure to create the new office scheme, will have four new floors and 26,000 square feet of roof terraces.
65 Gresham Street was built in 2000 by Stanhope, funded by Legal & General, replacing Barrington House, an 11-storey building, constructed in 1956 which in turn replaced buildings that were damaged during the Blitz.
US global investment management firm Squarepoint is relocating from Brookfield's 36-storey Citypoint tower in the City where it occupies around 100,000 square foot.
Susan Walsh, head of property and corporate services at Squarepoint, said in a statement: “This deal marks an exciting new chapter for Squarepoint in London as we continue to grow and invest in our future. The new office space at 65 Gresham Street has been thoughtfully designed and we are grateful to all of the parties involved who are helping make this move possible.”
James Nicholson, head of occupier transactions, London at CBRE added: “We’re delighted to have advised Squarepoint on this landmark transaction, the largest London prelet since 2023. 65 Gresham Street will provide an outstanding new London office for Squarepoint.”
Paul Harris, asset manager at JP Morgan Asset Management, said: “The letting is a fantastic conclusion to our repositioning of the asset and testament to the creativity and quality of the entire team.
"It has been a pleasure to partner with Squarepoint and we look forward to delivering a world-class office for their long-term occupation.”
“This transaction is tribute to an outstanding project team who have embraced an innovative approach to the design, development and marketing of the scheme in an unprecedented and creative way, delivering an exemplary building. It has been a pleasure to work on and we are delighted to have advised JP Morgan Asset Management on the preletting to Squarepoint for their new City of London office,” said Dan Burn, partner at RX London.
A number of large details have happened in recent weeks to lift London office take-up figures after a muted start to the year. Savills reports that leasing across Central London got off to a subdued start, with take-up at the end of February reaching just 678,395 square feet across 94 transactions, down 26% on the same period in 2024.
Last week CoStar News revealed that law firm Simmons & Simmons has signed for 180,000 square feet at IJM's redevelopment of 25 Finsbury Circus in the City.
In March, law firm McDermott Will & Emery signed to take 110,000 square feet of offices at the former Fenwick department store on Bond Street.
Squarepoint was advised by CBRE and Fladgate. JP Morgan Asset Management was represented by RX London and Clifford Chance.