Hammerson Buys Moor House Stake

LONDON-Hammerson has paid £20 million ($29.20) for a one-third stake in the Moor House Limited Partnership, along with Greycoat and Henderson Investors. The three will redevelop Moor House, a 1960s office tower at the junction of London Wall and Moorgate in the City, with a new Foster-designed building.

Planning consent exists for 313,000 sf of offices on 19 storeys. The building will provide floorplates from 13,980 sf to 20,420 sf. The Corporation of London has agreed to grant a new 150-year head lease, so demolition can start before the end of this year. Completion is scheduled for April 2004 at the total estimated development cost is £204 million ($298 million)

Hammerson Chief Executive John Richards said the Moor House scheme ‘fits in well with our existing development programme.’ Hammerson already has another large office scheme under construction on London Wall. No1 London Wall – at the opposite end of the street – is being developed in partnership with Kajima, and will provide 200,000 sf of offices on completion in Summer 2003. Foster & Partners are once again the architects.

Strutt & Parker advised the three partners in the Moor House Limited Partnership, and will be joint leasing agent with Jones Lang LaSalle.