JLL acts for Lendlease as they acquire 21 Moorfields in the City of London
News release
29 September 2022
Lendlease and Landsec exchange contracts on 21 Moorfields
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JLL acts for Lendlease as it acquires 21 Moorfields, a 568,500 sq ft development in the City of London. The scheme is still under construction.
21 Moorfields is a premium office development fully pre-let to Deutsche Bank (DB) on a 25 year lease. Built directly above Moorgate station, the asset is targeting sustainability ratings of BREEAM Excellent and LEED v3 Gold.
Landsec will retain the responsibility for completing the development, with practical completion expected in Q1 2023. Lendlease will manage the investment vehicle, on behalf of its investment partners including Australia’s TCorp and its own minority interest.
Fraser Campbell-Wilson, Director - Central London Markets at JLL said, “Best in-class office product remains the primary target for investors targeting Central London. Whilst occupiers continue to focus on the best buildings as they align their real estate portfolios with their ESG commitments, it is no different for the investor market. 21 Moorfields boasting strong sustainability and wellbeing credentials, as well as an increasingly rarefied income profile of 25 years, in a market that is likely to continue to experience shorter leases as occupiers seek more flexibility.”
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.