NEWS

November 2010
Hines Appoints Joint Agent for Cannon Place

Hines, the international real estate firm, announced today that Savills has been selected as joint letting agent for its Cannon Place office development above Cannon Street train station, London, EC4. 

Savills won a competitive pitch process to secure the position of joint agents alongside CBRichard Ellis to represent Cannon Place, which will deliver almost 400,000 square feet of prime office space in 2011.

Construction work on the site, which incorporates the re-development of two previous office buildings and the renovation of Cannon Street station, is ahead of schedule and on target for Shell and Core completion in June 2011.   The new development, designed by Foggo Architects, is one of only two major new office buildings in the City of London due to complete in 2011.

Mark Swetman, Hines’ project director for Cannon Place, said: “We are seeing confidence return to the market as developers look to kick start stalled schemes.  In developing Cannon Place through the recession we firmly believe we will be ahead of the curve to benefit from continued economic growth in 2011 and 2012.”

He continued: “Undeterred by the recession, progress on Cannon Place is testimony to our confidence in the product.  The development is already receiving significant occupier attention, and our agents are in discussions with a number of potential occupiers.

“Cannon Place is a high-quality development backed by a world-class team.  Bringing Savills on board represents the final piece of the marketing jigsaw and we are confident that we have the right team in place to secure the right occupiers for this prestigious scheme.”

Peter Thursfield of Savills said: ‘’We are thrilled to be instructed on this landmark development. It will come to the market next year at a time of very limited supply and increasing levels of demand. Cannon Place is a development of undoubted quality and longevity. It will sit at the forefront of Savills policy of advising on the highest quality instructions in Central London.’’

Digby Flower of CB Richard Ellis said: “Having been involved in providing development consultancy advice for the past five years to Hines, we are very excited about the quality of the building and Savills’ appointment will enhance the leasing team.”

For further information please contact Sue Brown at FD:  020 7269 9341 / sue.brown@fd.com

Hines

Hines is a fully integrated real estate investment and management firm.  It has been investing in real estate and providing acquisition, development, financing, property management, leasing and disposition services for over 50 years.With offices in more than 100 cities in 17 countries, and controlled assets valued at approximately $23 billion, Hines is one of the largest real estate organisations in the world.