LaSalle Investment Management, Lipton Rogers Win Planning Approval for 90,000-Sqm 1 Silk Street Office Redevelopment in City of London

LONDON — LaSalle Investment Management and Lipton Rogers Developments LLP have secured a resolution to grant planning permission from the City of London Corporation for the redevelopment of 1 Silk Street, a project that would deliver approximately 90,000 square meters of Grade A office real estate in the heart of the Square Mile, the firms announced May 28, 2026.

Designed by architecture and engineering firm Skidmore, Owings & Merrill, the proposed real estate development is positioned as a direct response to what the project team describes as a critical shortage of top-quality office space in the City of London. According to the announcement, the scheme would contribute roughly 7.5% of the minimum Grade A office space the City of London says it needs by 2040 to remain internationally competitive.

Project Scale and Office Real Estate Components

The 1 Silk Street redevelopment plan centers on approximately 90,000 square meters of Grade A commercial space. The project team notes that the site is among the few remaining locations in the City capable of delivering the larger, modern floorplates that global occupiers increasingly require.

The scheme's location between two Elizabeth line stations — Moorgate and Farringdon — is cited as a key factor in its appeal to multinational businesses, as the announcement notes that transit connectivity has become a standard expectation among major office occupiers.

Gary Moore, Head of International Accounts, Europe at LaSalle Investment Management, said the planning resolution marks a pivotal milestone. "Securing this resolution is a crucial step in delivering this landmark development that will provide much-needed, well-connected, exceptional office space in the City of London," Moore said. "We're excited about how 1 Silk Street will not only appeal to blue-chip global businesses, but also improve the public realm, amenities and cultural institutions of the local area."

Retail Real Estate, Cultural Uses, and Public Realm

Beyond the office component, the 1 Silk Street plans include nearly 1,300 square meters of retail real estate, service, and restaurant uses designed to animate the ground-floor environment for workers, residents, and visitors.

The scheme also includes a significantly expanded home for the Guildhall School of Music & Drama. The new facilities are planned to include a flexible cultural venue for live performances, dedicated rehearsal spaces, and a Creative Community Lab intended to support emerging talent and broaden community access to the arts.

Public realm improvements form another component of the proposal. The plans call for a new public plaza at the main entrance of the Barbican Centre and a new pedestrian arcade that would link Moorgate and Liverpool Street directly to the Barbican complex. The City of London Corporation has an active "Destination City" strategy aimed at supporting a seven-days-a-week City, and the project team says the cultural and public realm elements are designed to complement that initiative.

Sir Stuart Lipton, Founding Partner at Lipton Rogers Developments, said the approval reflects the scheme's dual commercial and cultural ambitions. "We are delighted with the Planning Application Sub-Committee's resolution to grant planning permission for 1 Silk Street — a decision that reflects the scheme's exceptional commercial and cultural ambition," Lipton said. "Located steps from two Elizabeth line stations, on one of the few remaining sites in the Square Mile capable of delivering larger floorplates, it provides the exact quality and scale of commercial space the market demands in the City, while giving the Guildhall School a new, expanded home and opening the whole site to the wider community."

Kent Jackson, Partner at SOM, described the design intent as an effort to build on the area's existing cultural identity. "1 Silk Street is an opportunity to expand upon the area's rich cultural legacy to help establish a vibrant destination where culture, commerce, and public life come together," Jackson said. "Our design enhances connections between the public realm and the community through a new plaza that reimagines the entrance to the Barbican Centre, framed by new pedestrian routes and cultural amenities."

Developer and Investor Background

LaSalle Investment Management, a subsidiary of JLL, manages US$86.9 billion of assets in private and public real estate equity and debt investments as of the fourth quarter of 2025, according to the firm. Its client base spans public and private pension funds, insurance companies, governments, corporations, endowments, and private individuals globally. The firm sponsors separate accounts, open- and closed-end funds, public securities, and entity-level investments.

Lipton Rogers Developments describes itself as a specialist London property developer with a track record of more than 40 million square feet of major commercial and mixed-use projects in the city. Its portfolio includes 22 Bishopsgate, described as the United Kingdom's largest office building by floor area, as well as Broadgate, Paternoster Square, and Chiswick Park.

SOM, the project's design architect, operates with a European base in Broadgate Tower in London and additional studios in North America and Asia. The firm describes itself as carbon-neutral.

Next Steps

The resolution to grant planning permission is a key procedural step in the United Kingdom's planning process, but it does not constitute a final, unconditional planning consent. Conditions, Section 106 obligations, and other requirements typically remain to be resolved before full consent is issued. The announcement did not disclose the expected construction timeline, capital cost, funding structure, or whether the office space is being marketed for pre-let or on a speculative basis. Details on the Guildhall School's funding or governance arrangements were also not provided.

The 1 Silk Street redevelopment, if completed as proposed, would represent one of the more significant additions to the City of London's Grade A office real estate inventory in the coming years, while also expanding the cultural and public infrastructure of the Barbican area.