Lendlease and Landsec exchange contracts on 21 Moorfields

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.”