Barings and joint venture partner LBS Properties have secured the first prelet at their South Bank office scheme Tide Bankside, SE1.
Healthcare communications consultancy Costello Medical has taken 13,907 sq ft – the entire third floor – on a 15-year term.
Costello Medical is expected to occupy the space shortly after the building completes in the summer, relocating from its existing London office on 55 Old Broad Street, EC2.
Tide Bankside comprises 11 upper floors providing around 133,794 sq ft of grade-A office space, along with a ground floor retail space and 11,560 sq ft of affordable workspace on the lower ground, ground and first floors.
Features include a 5,167 sq ft rooftop communal terrace, which is part of a total of over 13,000 sq ft of private and communal green spaces at the site.
The scheme is designed by architects at Squire & Partners, targeting net zero in embodied and operational carbon, BREEAM Outstanding and SmartScore Platinum certifications.
The development already has a NABERS 5 Star rating, EPC A rating and WELL Platinum Design status, as well as a WiredScore Platinum certification.
The asset was acquired by Barings on behalf of its second European real estate value-add fund BREEVA II in 2021. It was bought with full planning permission.
Rory Allan, managing director and portfolio manager for European value-add funds at Barings, said: “The Tide Bankside development reflects our strong conviction that best-in-class net-zero carbon properties across asset classes will capture tenant demand and outperform as the market continues to polarise.
“We are very active in deploying value-add capital into the market across Europe as the current period of dislocation throws up opportunities in what we believe will be a stellar vintage for real estate investing.”
Rose Wickstead, London office lead at Costello Medical, said the scheme was chosen for its ability to “foster connection and collaboration”, as well as its “best-in-class green credentials and the social value it will create”. The consultancy has B Corp status.
Cushman & Wakefield, RX London and USP London are the letting agents on the scheme.
Check out lettings in London SE1 >>
Image © Walk The Room
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