Hines Celebrates Completion of Cannon Place in London

Lord Mayor Heralds Development as a Symbol of the City's Vision and Conviction to Thrive as Global Center

(LONDON) — The London office of Hines, the international real estate firm, celebrated yesterday the completion of its new Cannon Place landmark office development in the heart of London.

The project is a joint venture with Network Rail and London Underground, delivering almost 400,000 square feet of prime office space, new retail amenities and incorporating the re-development of Cannon Street station.

Addressing an audience at a gala lunch hosted by Hines at the new building, the Lord Mayor of London, The Right HonourableAlderman Michael Bear, officially declared the building complete and open for business, stating that “The completion of this remarkable development represents a significant milestone in the confidence I believe we are seeing return to the city.

At a time when the supply of high quality office space is limited, Cannon Place represents a building completed at the right time, in the right place.

It is not only one of the largest schemes to complete in the city this year; it is aesthetically stunning and is a tremendous addition to the city’s streetscape.

Hines had the vision and the conviction to build through the recession, and I am sure such judgment and courage will be rewarded when leasing space in the building in the coming months.

Buildings such as Cannon Place are crucial for the future prosperity of the city, providing the environments to attract global corporate occupiers to help London maintain its position as the world’s greatest financial center.”

Mark Swetman, Hines’ project director for Cannon Place said, “We are incredibly proud of this building, which we believe complements its illustrious surroundings.

Our vision was to create a landmark office development tailored to today’s exacting occupier requirements, but which also enhances the urban fabric of the City of London and embodies the quality and longevity which are hallmarks of Hines’ approach to development.

Alongside its location and connectivity, we believe the unusually large floor plates of 50,000 square feet of virtually column-free office space will hold major appeal for occupiers looking for flexible, open-plan workspace.

We were already receiving significant interest in the building, and now that Cannon Place is complete, we look forward to welcoming our first tenants very soon.”

Cannon Place has been developed in partnership with Network Rail and London Underground, with the scheme incorporating the re-development of the two previous office buildings (acquired by Hines from MWB in 2002), and the renovation of Cannon Street station, one of London’s busiest transport hubs which serves 27 million passengers a year.

The renovation incorporates the upgrade of facilities such as ticketing, restroom amenities, new shops, and building a new concourse and brighter station for passengers.

In keeping with Hines’ philosophy of working with best-in-class, the company assembled a development team comprising architects Foggo Associates, contractor Laing O’Rourke, and project consultants Arup.

The building itself represents a major feat of engineering.

Made from glass and steel, Hines has adopted complex techniques used in the construction of the world’s major suspension bridges, to give the dramatic appearance of the building ‘floating’ above the station.

When complete and fully occupied, the building will provide a workplace for up to 4,000 people.

Built over eight floors, Cannon Place delivers 389,000 square feet of highly specified, contemporary Class A space.

Each floor offers 50,000 square of efficient and virtually column-free space with uninterrupted light.

The upper floors provide spectacular panoramic views across the city skyline toward St Paul’s Cathedral.

On the ground floor adjacent to the station entrance there is provision for up to 10,000 square feet of retail space.

CB Richard Ellis and Savills are the joint leasing agents for the property.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm's historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,126 properties representing more than 459 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.

With offices in 106 cities in 17 countries, and controlled assets valued at approximately $23.7 billion, Hines is one of the largest real estate organizations in the world.

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