Ivanhoé Cambridge and PIMCO Complete Stonecutter Redevelopment
Deal News | May 29, 2025 | CDPQ
Ivanhoé Cambridge, a real estate group of CDPQ, in partnership with PIMCO Prime Real Estate, has announced the completion of Stonecutter, a prestigious 13-story office building located in the vibrant Farringdon area of London. The building offers 240,000 sq ft of state-of-the-art office space, 93% of which is leased to prominent tenants, including Travers Smith and Trainline. The redevelopment increased the building's net lettable area by 66% and has been designed with sustainability at its core, recording one of the lowest embodied carbon inputs for a new office in the City of London. Stonecutter meets high environmental standards, aligning with BREEAM and WELL certifications, and operates on a net-zero carbon basis. The strategic location provides easy access to transport, dining, shopping, and cultural institutions. The project was designed by TP Bennett and managed by CO-RE, with MACE as the general contractor. Notable leasing agreements include a 15-year lease with Travers Smith and a 10-year lease with Trainline, with both tenants set to move in 2026.
Sectors
- Real Estate
- Sustainable Construction
- Corporate Office Leasing
Geography
- United Kingdom – The office building is located in Farringdon, London, making the UK the primary geographic focus.
- London – The article specifically mentions a redevelopment project in the heart of London, UK, underlining its significance to the city's office space market.
Industry
- Real Estate – The article discusses the development and completion of a major office building, which falls under the real estate industry.
- Sustainable Construction – The emphasis on sustainable features and environmentally friendly building practices relates to the sustainable construction industry.
- Corporate Office Leasing – The leasing of office space to major corporations like Travers Smith and Trainline highlights the corporate office leasing sector.
Financials
- 93% – Lease occupancy percentage of the Stonecutter building upon completion.
- 240,000 sq ft – Total office space area of the Stonecutter building.
- 158,000 sq ft – Office space leased to Travers Smith on a 15-year lease.
- 60,000 sq ft – Office space leased to Trainline on a 10-year lease.
- 581 kg CO2/sq m – Embodied carbon inputs of the Stonecutter building, below London's target.
- 263 kg CO2/person – Projected carbon emissions per person, significantly below the Paris Accord's target.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ivanhoé Cambridge | Real Estate Developer | Company | A real estate arm of CDPQ, involved in the development of Stonecutter. |
| PIMCO Prime Real Estate | Partner Developer | Company | A partner company in the Stonecutter development and leasing. |
| Travers Smith | Tenant | Company | A leading UK law firm leasing space in Stonecutter. |
| Trainline | Tenant | Company | An independent rail and coach travel platform company leasing space in Stonecutter. |
| TP Bennett | Architect | Company | The architecture firm that designed the Stonecutter redevelopment. |
| CO-RE | Development Manager | Company | Managed the development of the Stonecutter project. |
| MACE | General Contractor | Company | Responsible for the construction of the Stonecutter building. |