Singaporean developer looks to reposition City office

Singaporean property developer Far East Organization plans to reposition its Pinners Hall office block in the City of London. Patrizia has been picked to oversee the project, which will transform the six-storey, 110,000 sq ft asset at 105-108 Old Broad Street, EC2, into a best-in-class office in the heart of the capital’s financial district. Mahdi Mokrane, head of investment strategy and research at Patrizia, said: “It’s no secret that the office sector is experiencing challenges. Despite this, we see opportunities for value creation. With our real estate development expertise and strong convictions for the future of the office, we are excited to be active in this space when others are not.” Patrizia will collaborate with architects at Stiff + Trevillion, with early design proposals including enhanced external architecture, major internal reconfiguration to maximise space and natural light, and the addition of amenities. The project is the latest in Patrizia’s €1.6bn (£1.3bn) portfolio of London offices it manages, largely on behalf of Asian investors. The investment manager’s appointment follows its own recently completed retrofit of its office at 24 Endell Street, WC2, in Covent Garden, which is set to serve as the group’s new international hub. View market analytics for the City core >> Image from Patrizia