Oxford Properties Group (“Oxford”), the global real estate investor, developer and manager owned by OMERS, on behalf of a joint venture with Hines, one of the world’s largest privately-owned real estate investors, has secured approval from the City of London for their planned redevelopment of King Edward Court in Paternoster Square.
The City of London has approved the proposals under delegated powers, allowing the building to be comprehensively refurbished and extended to create a state-of-the-art, sustainably developed and smart technology-enabled workplace and global headquarters for LSEG. LSEG signed a long term lease for the entire property at the end of last year, which will maintain the Group’s more than three-hundred-year presence in the City of London.
The decision follows an extensive pre-application process with City of London Planning and Design Officers as-well-as broader stakeholder consultation. Oxford’s development management team worked alongside Carter Gregson Grey Architects to deliver the plans to carefully build upon the original Eric Parry designed building.
The refurbishment of the 245,000 sq ft building includes reconfiguring the ground floor to make it more open and allow for visitors to celebrate activities such as the London Stock Exchange’s iconic market open and close ceremonies. The London Stock Exchange’s historic Foundation Stone, dated 1801, which marks the construction of one of the bourse’s former homes, will be on permanent display as part of the external façade, alongside more modern artefacts that emphasise the institution’s long heritage. Construction is due to commence in early 2027 with completion expected in early 2029.
The plans for office space include generous amenity provision to enhance and encourage staff, visitor and guest engagement. Landscaped balconies and terraces added to the upper floors will provide fresh air meeting spaces overlooking Paternoster Square. The sixth floor roof spaces will be transformed through the addition of a single and a double storey pavilion, as well as an extensive roof terrace with abundant planting that promotes biodiversity and creates additional spaces to appreciate the iconic views of nearby St Paul’s Cathedral.
Robin Everall, Head of Development (Europe) at Oxford Properties, commented: “This planning consent marks an important milestone in the redevelopment of 10 Paternoster Square into a state-of-the-art global headquarters for one of the City’s most important institutions. It supports our long term conviction in Grade A London offices and demonstrates both our team’s deep sector expertise and ability to deliver high quality office space in the City. The approved plans will allow the public to learn about and celebrate the history of the London Stock Exchange and provide LSEG with a modern, highly sustainable workspace. We want to thank the City of London for their collaborative approach to the process so far and look forward to working with them throughout the next stages of this exciting project.”
Chairman at the City of London Corporation Planning & Transportation Committee, Tom Sleigh, said: “The transformation of King Edward Court will deliver a world class headquarters for LSEG, enhance public access at ground level and reinforce Paternoster Square as a vibrant destination at the heart of the Square Mile. It reflects the City of London Corporation’s commitment to supporting high quality, sustainable development that respects the City’s unique heritage while meeting the needs of a modern, global economy. We look forward to seeing this landmark building sensitively renewed for the next generation.”
In line with the sustainability goals of LSEG and the JV, the project is targeting BREEAM ‘Excellent’, EPC A and NABERS 5* certifications. Circular economy principles will be integrated throughout the development, retaining over 95% of the existing structural frame and façade. A strong emphasis on wellbeing, active and green commuting will be encouraged by the addition of new cycle storage and changing facilities.
The area around Paternoster Square is undergoing an exciting period of regeneration. This includes the creation of 3,000 sq m of new 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 new headquarters on Newgate Street is completed in 2027.
Oxford has established a reputation as a longstanding office investor with over C$18 billion of AUM in the sector globally. The approximately 25 million sq ft portfolio comprises some of the world’s best workspace including Hudson Yards in New York, The Stack in Vancouver, Das Center in Berlin and The Blue Fin Building in London. Oxford has committed C$2 billion of capital into offices in the past eight months and the sector is one of its strongest conviction calls, with the London market a particular focus given the resilient investment fundamentals and strong occupier demand for high quality, sustainable and well located offices.
Newmark acted as planning consultant to Oxford and Hines.
