Oxford Properties Group Secures Planning Approval for 245,000 SF Office Real Estate Redevelopment in London

Oxford Properties Group, the global real estate investor owned by OMERS, has secured planning approval from the City of London for a major office real estate redevelopment project at 10 Paternoster Square. The project, undertaken in a joint venture with Hines, will transform King Edward Court into a 245,000-square-foot global headquarters for the London Stock Exchange Group.

The City of London approved the proposals under delegated powers following an extensive pre-application process with planning and design officers and broader stakeholder consultation. LSEG signed a long-term lease for the entire property at the end of last year, maintaining the Group's more than 300-year presence in the City of London.

Office Real Estate Development Details

The comprehensive refurbishment and extension will create a state-of-the-art, sustainably developed and smart technology-enabled workplace. Oxford Properties Group's development management team worked alongside Carter Gregson Gray Architects to build upon the original Eric Parry-designed building.

The redevelopment plans include reconfiguring the ground floor to make it more open and allow visitors to celebrate activities such as the London Stock Exchange's iconic market open and close ceremonies. The London Stock Exchange's historic Foundation Stone, dated 1801, which marks the construction of one of the bourse's former homes, will be on permanent display as part of the external façade, alongside more modern artifacts that emphasize the institution's long heritage.

Office space will feature generous amenity provision to enhance staff, visitor and guest engagement. Landscaped balconies and terraces added to upper floors will provide fresh air meeting spaces overlooking Paternoster Square. The sixth floor roof spaces will be transformed through the addition of a single and a double storey pavilion, as well as an extensive roof terrace with abundant planting that promotes biodiversity and creates additional spaces to appreciate the iconic views of nearby St. Paul's Cathedral.

Strategic Investment in Office Real Estate

Robin Everall, Head of Development (Europe) at Oxford Properties, commented: "This planning consent marks an important milestone in the redevelopment of 10 Paternoster Square into a state-of-the-art global headquarters for one of the City's most important institutions. It supports our long term conviction in Grade A London offices and demonstrates both our team's deep sector expertise and ability to deliver high quality office space in the City."

Construction Timeline

Construction is scheduled to commence in early 2027, with completion expected in early 2029. The pre-let structure of the LSEG lease provided Oxford Properties Group and Hines with certainty to advance the real estate development project through the planning process.