The investor paid GBP 100 million pounds for the leasehold and is planning on completely refurbishing some of the building’s office space.
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Hammerson intends to take advantage of the relatively low amount of supply of office space in central London.
Currently Deutsche Bank, Korea Development Bank, Charles River Associates International and Latham & Watkins all reside in the 26-storey building.
The building boasts 31,500 square meters of office space. Hammerson is planning on refurbishing 13,500 square meters. The refurbished office space will be ready for occupation in 2012.
However, Deutsche Bank is planning to vacate most of its space in the building by next year, according to Hammerson.
Hammerson Chief Executive David Atkins said that the move increased the company’s exposure to the London office market.
“We have an exciting business plan for the property, and ownership of the merged interest will ensure that we maximise returns to shareholders from this investment,” he said.
He added: “99 Bishopsgate is an excellent building which has consistently achieved peak City rents.”
One of the biggest real estate investment trusts in Europe, Hammerson is an Anglo-French operation with its headquarters in London.
Most of the company’s portfolio is in the UK and consists primarily of office and retail space. Some of its major developments are Brent Cross shopping centre, the Bullring, WestQuay and Cabot Circus.
Hammerson is also leading a GBP 1 billion redevelopment of Swansea town centre.
Editor’s notes: Deutsche Bank did vacate the property, and as of June 2023, it is located at 1 Great Winchester Street in the City.
At the same time, occupiers of 99 Bishopsgate included BCS Global Markets, Huawei, Latham and Watkins LLP, and Multiplex, amongst others.
As well as office space to rent on a leasehold basis at the property, there is flexible office space and workspace solutions available from flex space providers Landmark at 99 Bishopsgate including fitted and serviced private offices, co-working desk spaces and meeting rooms.
Incidentally, as of June 2023, there was no office space available to lease at the tower,
In June 2012, Brookfield Office Properties Inc. purchased a portfolio of four properties from Hammerson which included 99 Bishopsgate. It also included Principal Place, which was discussed in this article.
In December 2024, it was announced that Brookfield Properties completed a series of new lettings across its London office portfolio in 2024, culminating in over 800,000 square feet of leasing transactions.
The activity saw new benchmark rents achieved at 100 Bishopsgate, One Leadenhall, 30 Fenchurch Street and Citypoint and office occupancy across its 5M square foot portfolio nearing 98%.
New lettings in the final quarter of the year included global recruitment specialists Phaidon International at Citypoint (42,000 square feet), British gas distribution company SGN at Nexus (15,000 square feet) and the Association of British Insurers at 30 Fenchurch Street (14,000 square feet).
Alongside this, almost 185,000 square feet of expansion was accommodated for existing occupiers in 2024, including Fried Frank, Royal Bank of Canada, and Pilsbury Winthrop Shaw Pittman LLP at 100 Bishopsgate, Latham & Watkins at One Leadenhall, Simpson Thacher & Bartlett and Squarepoint at Citypoint, and Uber at Aldgate Tower.