First letting at flagship London development Twentytwo with innovative lease to Hiscox
AXA Investment Managers - Real Assets agrees first letting at flagship London development with innovative lease to Hiscox for at least 81,000 sq ft of space in Twentytwo
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe, announces that it has exchanged the first pre-letting at Twentytwo with Hiscox, the specialist global insurer. Twentytwo is the 1.4m sq ft (c. 130,000 sqm) people-focused development in the heart of London being managed by AXA IM - Real Assets, on behalf of an international consortium of investors, with Lipton Rogers Developments retained as developer.
Twentytwo will become Hiscox’s principal office in London, where it has taken 75,000 sq ft (c. 6,960 sqm) on the 8th, 9th and 10th floors of the 62 storey building, on a lease expiring in 2037, with the first staff due to take occupancy as part of a phased move in early 2021.
Providing occupiers with flexible leasing options is a key part of AXA IM - Real Assets’ offer at Twentytwo and it has structured the agreement to include a number of innovative components. Firstly, the lease provides Hiscox the option to take up to 90 desks of short term, fitted out space within Twentytwo, meeting its requirement to house specific project teams. Hiscox also has an option over half of the 11th floor (12,500 sq ft / c. 1,160 sqm), which gives Hiscox flexibility to expand its core office for future growth.
Hiscox is a well-known supporter of the arts and has a long track record of uncovering and supporting emerging talent which has allowed it to build a large collection of pieces from renowned and international artists. The ability to display this art was an important consideration for Hiscox when making the decision to move. This requirement fitted well with the strong emphasis AXA IM - Real Assets and Lipton Rogers Developments have placed on art as a key part of Twentytwo, and under the terms of the lease Hiscox will be able to contribute to this by working with AXA IM - Real Assets to display its own collection in certain parts of the building.
Currently under construction and due to complete in late 2019, Twentytwo is a new, people-focused workplace expected to accommodate a community of up to 12,000 people. It has been designed to put user experience, community and human interaction at the centre of its offer and will be the first major London building to embrace the structural and cultural shifts in how people work and live, embracing a range of community amenities and using the latest technology.
Twentytwo’s central themes of wellbeing and community aims to allow tenants to benefit from the direct correlation between happiness at work and quality of workplace with increasing an individual’s productivity and creativity. To help achieve this, Twentytwo will house a diverse range of community spaces, providing its occupants with access to a fresh food market, innovation hub, gym with London’s first climbing window 125 metres from the ground, wellbeing retreat and spa, business club, bike park, as well as the capital’s highest free public viewing gallery, with art interventions throughout.
Twentytwo will also be built to the highest technology and sustainability standards, in order to support the varying needs of businesses today and in the future, and is the first building in the UK to apply for the Delos WELL Building Standard.
Harry Badham, UK Development Director at AXA IM - Real Assets, commented: “Signing our first lease marks the next important step in the story of Twentytwo and we are very pleased to welcome Hiscox as the first members of the Twentytwo community. Providing flexible and innovative terms to meet the specific needs of tenants are key to the Twentytwo offering, alongside the ability to address changing workplace expectations as well as a significant focus on community, wellbeing, interaction and connectivity. This approach has been key to both attracting Hiscox as our first tenant and the level of interest we have received from other potential occupiers. We hope to announce further members of the Twentytwo community in the near future.”
CBRE and JLL acted for Twentytwo while BH2 acted for Hiscox.
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1 Source: INREV/ANREV Fund Manager Survey – May 2018 – in terms of assets under management
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AXA Investment Managers is an active, long-term, global, multi-asset investor. We work with clients today to provide the solutions they need to help build a better tomorrow for their investments, while creating a positive change for the world in which we all live. With approximately €759 billion(1) in assets under management as at end of June 2018, AXA IM employs over 2,390 employees around the world and operates out of 30 offices across 21 countries.
AXA Investment Managers - Real Assets has €77 billion in assets under management, including €58.6 billion in direct property & infrastructure and €14.8 billion in real asset finance as of end of June 2018(2). We offer a 360° approach to investing in real assets, which comprises opportunities in equity or debt, across different geographies and sectors, as well as via private or listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe(3), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise over 600 people in 14 offices that operate in over 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.
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1 Source: AXA IM unaudited data
2 Source: AXA IM - Real Assets’ unaudited data
3 Source: INREV/ANREV Fund Manager Survey – May 2018 in terms of assets under management
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