PATRIZIA, an investment manager in global real assets, has received approval from long-standing partner Far East Organization, Singapore’s largest private property developer, to execute the GBP 50 million main build contract for the redevelopment of 108 Old Broad Street in the City of London.
The contract has been awarded to McLaughlin & Harvey, with works commencing in early March 2026 and practical completion targeted for August 2027.
The planning consent achieved in November enables PATRIZIA to transform the 1990s building into a modern, highly sustainable and amenity-rich destination in the heart of London’s financial district. The scheme will deliver approximately 120,000 sq ft of high-quality workspace following a 15% uplift in net lettable area.
Works include sixth- and seventh-floor extensions, culminating in a new seventh-floor pavilion and large communal landscaped terrace. Ten landscaped terraces will be introduced across the upper floors, alongside a new ground floor café, enhanced reception and high-specification lower ground end-of-journey facilities.
A fully electric, smart-enabled services strategy will underpin the redevelopment, targeting EPC A (B minimum), BREEAM Excellent and WiredScore Gold, reinforcing the project’s low-carbon and future-ready credentials.
Knight Frank and Cushman & Wakefield have been instructed as joint leasing agents, with marketing now underway to secure occupiers ahead of completion.
The scheme has been designed by Stiff + Trevillion, with Quartz acting as project manager, Gardiner & Theobald as quantity surveyor, and Montagu Evans advising on planning.
Dan Williams, Head of Investment Management Development at PATRIZIA, commented: “This appointment marks the transition from consent to delivery at 108 Old Broad Street and a key step in executing our repositioning strategy for prime City assets. With the building stripped out and ready to mobilise, we are progressing into construction with a strong team in place to deliver significant upper-floor extensions, best-in-class amenity and an all-electric building strategy. Our focus now is on safe, efficient execution and quality outcomes through to completion.”
Chris Collins, Pre-Construction Director at McLaughlin & Harvey, commented: “We are proud to partner with PATRIZIA on a redevelopment that combines significant structural interventions with ambitious sustainability targets. Our focus will be on delivering the extensions and all-electric building strategy to the highest quality standards while maintaining programme certainty in a busy City environment.”
The repositioning of 108 Old Broad Street reinforces PATRIZIA’s wider value-add strategy across key European cities, building on a portfolio of landmark brown-to-green transformations within its EUR 2.5bn+ pan-European value-add programme. These projects form a core pillar of the investment manager’s commitment to delivering future-fit offices through design quality, decarbonisation and proactive asset management.
Ker Gilchrist, Head of UK Investment Management at PATRIZIA, added: “The redevelopment of 108 Old Broad Street demonstrates how we connect international capital with our own asset solutions to deliver a Grade A, amenity-rich building offering compelling relative value in the City market. As we move into the construction, we remain focussed on disciplined execution to ensure the asset is positioned strongly for occupiers seeking quality and sustainability in a core financial district location.”
