Royal London Asset Management's Holborn Viaduct Office Reaches Practical Completion in City of London

Multiplex has reached practical completion at Holborn Viaduct, a 13-storey office development in the City of London developed by Royal London Asset Management, the contractor announced Nov. 12, 2026. Designed by PLP Architecture, the building will become the new London headquarters of Hogan Lovells.

Royal London Asset Management Scheme Details

The development is located at 14–21 Holborn Viaduct, London EC1A 2DE, at the junction of Holborn Viaduct and Farringdon Street. Royal London Asset Management is the developer and owner, reportedly acting on behalf of the Royal London UK Real Estate Fund. PLP Architecture designed the building, and Multiplex served as contractor.

The 13-storey building totals approximately 369,200 square feet, or about 34,300 square meters. Hogan Lovells has preleased approximately 266,000 square feet for its new London headquarters.

Multiplex said the project has achieved BREEAM Outstanding with a 92% design-stage score and WELL Platinum (Shell & Core). It carries a NABERS 5-star operational energy target.

Roman Cemetery Uncovered During Excavation

The history of the site shaped the project from the outset, Multiplex said. During excavation, Museum of London Archaeology (MOLA) uncovered a significant Roman cemetery. Finds included five oak coffins, jewellery, a Roman oil lamp and the first complete Roman funerary bed discovered in Britain. A selection of the finds will be permanently displayed within the completed building.

Carbon Reduction Measures in Construction

Multiplex worked with Heyne Tillett Steel and BHC to reduce the carbon impact of construction. The team incorporated 80 tonnes of reused structural steel, replaced around a third of cement-based products with lower-carbon alternatives and reused 33% of the existing Portland stone.

To mark practical completion, Multiplex released a film titled Discovering the Past: Building the Future. The film explores the people, expertise and stories behind Holborn Viaduct, from the archaeology beneath the site to the construction solutions delivered above ground, and looks at how collaboration across the project team helped navigate what Multiplex described as a uniquely complex build.

City of London Office Market Context

The completion comes as City of London office supply stood at 9.5 million square feet at the end of the third quarter of 2026, equivalent to a 7.0% vacancy rate. Prime rents reached £128.05 per square foot, up 24% from the comparable 2025 period, while average Grade A rents were £82.33 per square foot, up 13%.

Vacancy in the City Core was lower. Knight Frank reported 3.9% vacancy in the City Core in the third quarter, with prime rents of £112.50 per square foot.

City development completions reached 1.7 million square feet across 13 schemes during the first nine months of 2026, with full-year delivery forecast at 3.88 million square feet. About 47% of the remaining 2026 pipeline was already prelet by the end of the third quarter, rising to 52% in the City Core.

Wider leasing activity has been mixed. Knight Frank reported City and Southbank take-up of 1.4 million square feet in the second quarter, down 9.9% year over year and 11.8% below trend. Quarterly completions in that period were just under 400,000 square feet, down 74.6%, with 20.8% of that space prelet. Prime London office yields were reported at approximately 5.25% in Knight Frank's second-quarter market report.

Outlook

The Hogan Lovells prelease means a large share of Holborn Viaduct was committed ahead of completion, in a market where prelet space makes up a substantial portion of the remaining 2026 pipeline. The building's BREEAM, WELL and NABERS credentials position it among the sustainability-certified stock that has drawn strong rental growth in the City. The announcement concerns practical completion and not a sale of the asset.

Sources

• Multiplex: 2,000 years of history. One complex build. The next chapter for Holborn Viaduct.