LONDON
Oxford Properties Group (“Oxford”), the global real estate investor, developer and manager owned by OMERS, and Hines, one of the world’s largest privately-owned real estate investors, today announced the signing of a new long-term lease with LSEG for King Edward Court in Paternoster Square. The agreement follows over two years of collaboration between Oxford Properties and LSEG to create a world class headquarters that meets the Group’s current and future needs. Hines entered a strategic partnership with Oxford on the property earlier this year.
The 245,000 sq ft building at 10 Paternoster Square was initially acquired by Oxford in 2013 and has been LSEG’s home since 2004, with the new lease maintaining the Group’s more than three-hundred-year presence in the City of London.
Working alongside Carter Gregson Grey Architects, the JV has submitted a planning application for a refurbishment and extension of the original Eric Parry designed building. With works due to commence in early 2027, King Edward Court will be transformed into a state-of-the-art, sustainably developed, and smart technology-enabled workplace and global headquarters for LSEG.
In addition to improved office spaces and significantly enhanced amenity provision, the refurbishment will publicly celebrate activities such as the London Stock Exchange’s iconic market open and close ceremonies.
The London Stock Exchange’s historic Foundation Stone, dated 1801, and marking the construction of one of the bourse’s former homes, will be on permanent display as part of the external façade, alongside more modern artefacts that emphasise the institution’s long heritage.
The plans for office space include generous amenity provision to enhance and encourage staff, visitor and guest engagement. Landscaped balconies and terraces added to the upper floors will provide fresh air meeting spaces overlooking Paternoster Square. The sixth floor roof spaces will be transformed through the addition of a single and a double storey pavilion, as well as an extensive roof terrace with abundant planting that promotes biodiversity and creates additional spaces to appreciate the iconic views of nearby St Paul’s Cathedral.
In line with the sustainability goals of LSEG and the JV, the project is targeting BREEAM ‘Excellent’, EPC A and NABERS 5* certifications. By retaining over 95% of the existing structural frame and façade, the project will significantly reduce embodied carbon. Circular economy principles will be integrated throughout the development, and through a strong emphasis on wellbeing, active and green commuting will be encouraged by the addition of new cycle storage and changing facilities.
The area around Paternoster Square is undergoing an exciting period of regeneration. This includes the creation of 3,000 sq m of new public realm at Greyfriars Square, which will become the City of London’s largest public square, as well as HSBC’s return to the Square Mile when the redevelopment of its new headquarters on Newgate Street is completed in 2027.
Oxford has established a reputation as a longstanding office investor with a c.$30 billion invested into the sector globally in a c. 30 million sq ft portfolio that comprises some of the world’s best workspace including Hudson Yards in New York, The Stack in Vancouver, Das Center in Berlin and The Blue Fin Building in London. Oxford has deployed C$2 billion into offices in the past six months and the sector is one of its strongest conviction calls, with the London market a particular focus given the resilient investment fundamentals and strong occupier demand for high quality, sustainable and well located offices.
Jay Drexler, Vice President, Asset Management, at Oxford Properties, commented: “LSEG’s long-term commitment to its Paternoster Square headquarters, alongside our plans for a comprehensive refurbishment of Kind Edward Court, represent a significant milestone for the building. It is a privilege to partner with LSEG and to be able to play a part in continuing to its more than three-hundred-year association with the City of London. Our proposals will not only create a state-of-the-art, modern, sustainable workplace with new roof terracing and a significant amenity offering, they also allow LSEG’s activities to be visible to the public, celebrating its heritage and the key role it has played in making the Square Mile one of the world’s leading centres of business and finance. Investment into offices remains a strong conviction theme for us globally and we are currently pursuing other investments and developments in the London market where there some exciting acquisition opportunities emerging.”
Pascal Boillat, Chief Operating Officer, LSEG, said: “We are delighted to have agreed a renewal of the lease and refurbishment of our Paternoster Square office in the City of London. As part of the planned works, we will modernise the building, creating outstanding facilities for our people and our customers in the heart of the City.”
Oxford was advised by Knight Frank and LSEG by JLL.
