9 Oct 2023 Pinebridge on the Mark With Major City Offices Approval

Development at 47-50 Mark Lane Will Also Provide Retail Accommodation

PineBridge Benson Elliot has gained consent to build 215,000 square feet of offices in the City of London, with the development to be known as 'The Mark'.

It will comprise 14,000 square feet of cultural, food and beverage, and retail, with the development to be built on 47 and 50 Mark Lane. It will also have a large exhibition hall.

The UK-based pan-European real estate fund manager has said the new building will provide a "modern, occupant-focused environment" that will target Well Platinum, BREEAM Outstanding and a minimum 5-star Nabers rating.

Also working to the UKGBC framework, the project will aim to achieve Net Zero carbon in operation and achieve an embodied carbon level of less than 500kg CO2/m2. Hobart Partners has been appointed as development manager, while the design is being led by Danish Architect 3XN. Work at the site is due to begin in 2024 and will be completed in late 2026.

According to CoStar data, Hobart Partners bought the freehold interest in the Mark Lane Estate, comprising the two properties, from DTZ Investors for a combined £82.5 million in May 2022.

Nick Waring, director of development at PineBridge, Benson Elliot, said in a statement: "The Mark’s leading design will create a new building that enhances the site’s relationship to the existing historic context.

"Our goal is to create an efficient, truly green, flexible environment for all its occupants. The building will be long-lasting and adaptable, with sustainability and circularity at its core."

PineBridge has $148.5 billion in assets under management, according to its website, and secured £300 million of new debt facilities in September this year to finance its purchase of 34 sites for its UK single family rental strategy.