Bishopsgate Tower Bought And Renamed

Bishopsgate Tower Bought And Renamed

Arab Investments have completed the key transaction that will see the proposed 288 metre tall Bishopsgate Tower in the City of London built.

The purchase from DIFA, now known as Union Investment Real Estate AG, has been completed for £200 million transferring ownership of the project to Arab Investments Ltd. Advised by FPD Savills, Arab Investments is a vehicle controlled by wealthy Arab investors with an office in Belgravia who have set up a subsidiary called the Pinnacle Ltd that will build the tower.

The Pinnacle will also become the name of the Bishopsgate Tower, better known as the Helter Skelter in true stupid skyscraper nick-name form. The change of name betrays the Arab links who prefer to name their buildings after objects than place names as we do in London such as Broadgate Tower, the Leadenhall Building et al.

The new developer are now going to proceed with their preliminary plans to build the project. Although it hasn't been formally announced they are going to construct the entire scheme speculatively in one go, they are continuing with demolition of the current site which is occupied by Crosby Court, and then moving on with basement and foundation works.

Savills are already marketing the space inside the scheme to potential tenants and amongst the things that occupiers can look forwards to are floor to ceiling windows, floor-plates up to 2,381 square meters, and on some upper floors, double ceiling heights, something that's a unique feature for a London office building.

Once built, the KPF penned skyscraper, will be the tallest in the City of London at 288 metres and contain 88,000 square metres of office accommodation. There will also be new retail on the first three floors and modifications to the ground level around the area that borders the skyscraper core of London - St Helens Square.

With British Land's Leadenhall Building going up next door, the transformation of the area should the tallest building site in Europe in just a few years time.

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