TIAA-CREF Gets Planning Approval

TIAA-CREF has received planning approval to go ahead with its proposed redevelopment of 1 Angel Court in the city of London. The commercial property, which was constructed over 30 years ago in the 1970s, is located at an appealing central location situated between many new office buildings and the Bank of England, with the company’s redevelopment of the site being seen as a key instrument in the overall revitalisation of the Bank Conservation area.

“This is a significant achievement resulting from two years of work in consultation with the City of London that will bring much needed, additional Grade A office space in a revitalised work environment featuring increased retail, restaurant, and public space,” says the director of Real Estate Management, TIAA-CREF Asset Management UK Limited, Anthony J Butler. “We believe in adopting best practices in respect to sustainability. We have incorporated significant sustainability goals into this project, reflecting our desire to decrease our environmental footprint, help lower occupational energy costs, and add value for clients.”

The available office space will increase by over 50 per cent because of the redevelopment, rising from 200,000 square feet (18,500 square metres) as it stands at present to 300,000 square feet (28,000 square metres). There will also be greater space available for restaurants, shops, and even roof terraces for tenants. The redevelopment of 1 Angel Court is currently expected to begin in 2013, for completion in 2016.

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