CBRE Investment Management has completed its letting to ratings agency Moody's of 110,862 square feet of offices with a further 32,403 square feet as optional space at 10 Gresham Street in the City of London.
The letting will see the global provider of data, intelligence and analytical tools relocate its European headquarters from Canary Wharf to the refurbished building.
Moody's said in March of this year that it would be moving to 10 Gresham Street, subject to final terms. The company appointed Cushman & Wakefield to advise on its office space in July last year. The rating agency moved to Canary Wharf in 2009, taking six floors in the iconic One Canada Square tower.
The Foster + Partners designed building at 10 Gresham Street has been repurposed by architectural practice, Gensler, to deliver a "high-performance office environment with a focus on sustainable resource use", CBRE IM said. The 145,000-square-foot office refurbishment will introduce a 2,576-square-foot private roof terrace for Moody’s with a further 2,570-square-foot communal roof terrace featuring an eight-storey glazed atrium, with a communal indoor rooftop pavilion totaling 1,750 square feet.
The roof terrace is divided into zones, from outdoor meeting areas and flexible event space to a "sensorial garden". The building includes shower and changing facilities, 480 cycle spaces and lockers.
CBRE IM said the refurbishment has included a commitment to recycling and repurposing materials. The original structure, including its facade, was preserved, saving 17,000 tons of carbon dioxide. The works also improved its operational energy use by 46% and resulted in a 72% reduction in operational carbon over the building’s service life.
Following its refurbishment, 10 Gresham Street is targeting BREEAM Outstanding, WELL Platinum, an EPC B rating, and 250 kg of carbon dioxide by square metres of embodied carbon, which is 67% below the RIBA 2030 Carbon Target.
Doug Ryker, Moody’s managing director – real estate and workplace strategy said in a statement: “Our move to 10 Gresham Street reflects our ongoing commitment to investing in our people and delivering a world-class employee experience. We look forward to creating a new, modern office environment that helps us foster meaningful connections, collaboration, and innovation.”
“In 10 Gresham Street, Moody’s has found a highly sustainable new base for its valued employees, one that combines innovative architectural design with high quality amenities, and exceptional environmental credentials in a prime City of London location,” said Matthew Barratt, director and office asset manager at CBRE IM. “In line with CBRE IM’s strategic commitment to investing in sustainable real estate, the renovation will transform this iconic London building into a high-performance, super prime workspace focused on employee health and wellbeing, in keeping with the needs and expectations of modern workers.”
Knight Frank advised CBRE IM and Cushman & Wakefield advised Moody’s.
Moody's has joined a number of leading corporates such as HSBC and Clifford Chance in reducing its office space as it enables more hybrid working and reduces its carbon footprint, and in relocating from Canary Wharf to the City.
Other financial institutions such as Morgan Stanley and Revolut have committed to Canary Wharf recently, however, while plans for a major repurposing drive at the estate to diversify the tenant mix continues.
In July Qatar Investment Authority and Canary Wharf Group, which is jointly owned by Brookfield and QIA, unveiled the first iteration of their plans to redevelop 8 Canada Square, the giant office tower vacated by HSBC at the Docklands financial district.
The 1.1 million-square-foot tower is fully owned by QIA, while CWG is the development partner. The parties said the redevelopment is the world's "largest transformation of an HQ office tower into a sustainable mixed-use building".
This week Canary Wharf Group said it has let 65,000 square feet of space to leisure and entertainment investor Imbiba to open a 78-bed hotel, restaurant and music venue at 12 Bank Street.
For a recent interview with the developer about how it is responding to changing occupier demands click here.