![The existign building at 60 Gracechurch Street, showing the Walkie Talkie (20 Fenchurch Street) behind. [Photo from www.obayashi.co.jp]](/assets/news_articles/2024/04/1713248189_obyashi-60-gracechurch.jpg)
Obayashi Properties UK (OPUK), which bought 60 Gracechurch Street last year, has teamed up with Sellar, the investment and development company behind the Shard, to develop proposals for a landmark commercial building on the site.
Danish architectural practice 3XN, whose projects include the Quay Quarter Tower in Sydney and 2 Finsbury Avenue at Broadgate, is leading the design of the scheme.
The existing 127,000 sqft, 13-storey building was only built in 1997 and then revamped in 2010. It is occupied by German insurance company Allianz but its lease expires in 2026.
The intention is to begin the redevelopment of the building once vacant possession is secured, subject to securing a satisfactory planning consent.
OPUK, which also owns Bracken House and a majority stake in 20 Gracechurch Street, acquired 60 Gracechurch Street in March 2023 from Germany's KGAL Investment Management for a reported £160m. It was described at the time as a £450m office development opportunity.
Bruce McAra of Obayashi Properties UK, said: “Having recently completed a full refurbishment of Bracken House in 2019, we are pleased to continue our investment in particularly in the City with the development of 60 Gracechurch Street. Working with Sellar we have assembled a world class team to deliver our aspiration for an exemplar commercial building that contributes to the evolving City Cluster.”
Sellar chief executive James Sellar said: “With Obayashi, we share a commitment to delivering one of the most sustainable landmark commercial buildings in the Square Mile, with environmental and wellness credentials that outperform the rest of the City Cluster. Our aim is to create a building with spaces that suit the requirements of modern occupiers, which is essential to attract leading businesses and ensuring London maintain its status as a world-class city. We look forward to working with the City of London Corporation and other local stakeholders on the next stages of this exciting project.”
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