LONDON-A joint venture of Hines and the Network Rail and London Underground has finished the $704 million Cannon Street station renovation and construction of a 400,000-square-foot new office building. The property does not yet have tenants signed.
The eight-story building has floor plates of up to 50,000 square feet. About 10,000 square feet of retail space is included on the ground floor. Mark Swetman, Hines’ project director, said in a statement that there has been significant interest in the building. “We look forward to welcoming our first tenants very soon,” he said.
Hines bought the site for $83 million in 2002, when the property included the 15-story Cannon Centre office building. The new project included the renovation of the rail concourse and underground levels of the London Underground’s station.
The venture landed a loan for the project from HSH Nordbank in January 2007, and the project was expected to be finished in early 2010. Neither Hines nor the rail entity commented on the lateness of the completion.
Michael Bear, the lord mayor of London, said in the statement that the development represents the confidence that is returning to the city. “At a time when the supply of high quality office space is limited, Cannon Place represents a building completed at the right time, in the right place,” Bear said. “It is not only one of the largest schemes to complete in the city this year; it is aesthetically stunning and is a tremendous addition to the city’s streetscape. Hines had the vision and the conviction to build through the recession, and I am sure such judgment and courage will be rewarded when leasing space in the building in the coming months.”
Foggo Associates were the architects for the glass and steel Cannon Place, and CB Richard Ellis and Savills are the joint leasing agents for the property. Hines is working on two other office projects in the city, the 67,000-square-foot 280 High Holborn and a venture with locally based Ballymore Group to build a 14-story Two Snowhill office tower.
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