An office Invesco acquired in 2013 in London is to be remodelled but by recycling or retaining 72% of the original building structure including concrete frame and external walls.
20 Manchester Square – otherwise known as 20MS – is in a prime spot in the west end of London. It was acquired for £70 mln (€79 mln) from Standard Life.
Invesco said it will become its first carbon neutral redevelopment on completion in 2024.
The investor said it is targeting BREEAM Excellent and Wired Platinum.
Advisors are Squires Architects, Gerald Eve planning consultants, and Gardiner & Theobald.
Rory Morrison, MD of fund management, Europe, said: ‘As a key office asset within our pan-European portfolio, the initiative to upgrade 20MS is an exciting opportunity to introduce ‘future-proof’ characteristics.’
The plan includes an increase in the net internal floor area by 20%, the creation of over 2,200 ft2 of external roof terrace space on an additional floor and upgraded occupier amenities including facilities for active commuters. On completion the building will comprise 79,000 ft2 of prime Central London office space with open floor plates, as the building’s core is moved to the rear of the site.
In December, Lazard, the financial and asset management firm, was revealed as the long-term tenant for the property having agreed a 15-year lease in what will be its London head office, with the firm set to occupy the entire building.