In terms of asset values, Schroders is among the largest fund managers in the UK and the finance firm is reportedly in talks to become the first company to commit to office space in what is set to be one of Britain’s tallest buildings.
The Pinnacle Tower site in Bishopsgate is currently under development and the project’s manager Arab Investments is hoping an occupancy agreement with Schroders will help it secure the finance required to complete the construction of the skyscraper.
Arab Investments bought the 64-storey project for around £200 million in 2007 and the company’s managing director Khalid Affara told Bloomberg recently that he hopes deals will soon be agreed on more than 300,000 sq ft of office space at the site.
“We’re going out there saying we will be aggressive because we need the development finance,” Mr Affara is quoted as saying.
“I’m confident I will sign a tenant to enable this project to continue,” he added.
Meanwhile, Pinnacle Tower’s architect Lee Polisano suggested that his skyscraper was on the perfect site for the tallest building in the City.
Last week, Peter Rees, principal planning officer for the Square Mile, told the Guardian that work is always being done to make sure the City of London remains a world-class place to live and work.
Editor’s notes: Due to financing issues, construction was halted in 2012 with just the concrete core set for the first seven floors.
In 2013, the original plans for the building, which had been renamed 22 Bishopsgate or TwentyTwo, were revised and, in 2015, the site was sold to a commercial property investment consortium led by Axa Real Estate.
In 2016, it was announced that the building would be developed under revised plans with a proposed completion in 2019.
In 2017, the revised plans were approved and the building was completed in 2020.
In April 2023, tenants of the 62-storey 22 Bishopsgate include Nasdaq, Cooley LLP, William Blair International and flexible office space provider Convene.
In the same month, just four floors of the building remain available to let.