The popularity of Central London serviced offices has been demonstrated yet again, with the announcement that the One St Paul’s development is now fully pre-let, following a deal for 60,000 sq. ft. of office space on the site.
The new occupants are Genesis Oil & Gas Consultants who will take up six storeys of Grade A Central London serviced offices in the redeveloped building on a fifteen-year lease. They are expected to make the move from their High Holborn offices in Autumn 2013, following completion of the site.
Genesis completes the line-up for the mixed use site, which includes Drake & Morgan, Hush Brasserie and an independent boulangerie in the hospitality space, and Grange Hotels who will offer serviced residential apartments.
The building is owned by AXA Real Estate, and is one of several London sites which the company has taken on to redevelop as mixed use schemes. AXA is currently behind some of London’s largest speculative schemes due for delivery before 2015, including the 300,000 sq. ft. site at Sixty London and 500,000 sq. ft. of Central London serviced offices at 6 Pancras Square.
In a bid to reflect the changing face of London’s business districts, AXA’s strategy for One St Paul’s was to re-brand the site to appeal to non-traditional City occupiers, moving away from the area’s heavy reliance on the financial services sector.
Speaking about the Genesis letting, Harry Badham, AXA Real Estate’s UK Director of Development, described it as reinforcing “the diversity of the City of London in attracting new types of occupiers, a trend we are confident will continue.”
The company is so confident in fact that it is already looking for further development opportunities in Central London, with a focus on re-positioning sites to appeal to a more diverse range of occupiers.
With the Canary Wharf Group also planning a new low-rise development to appeal to tech and media companies, Central London serviced office developments look set to continue their shift away from buildings designed with the financial services sector in mind.
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