This prime office space in the heart of London achieved 93% pre-leasing at Practical Completion

LONDON, May 29, 2025 /PRNewswire/ -- Ivanhoé Cambridge, the real estate group of CDPQ, and PIMCO Prime Real Estate announced today the completion of Stonecutter, a 13-story super-prime office building in the heart of London. This milestone represents the culmination of the redevelopment creating a state-of-the-art workspace, tailored to meet the demands of modern businesses with its optimized floor plates and sustainable features. The 240,000 sq ft office space is 93% leased to law firm Travers Smith and travel platform company Trainline.

"The completion of Stonecutter and the decision by our tenants to partner with us underscore the fact that high-quality workspaces with exemplary sustainable credentials are what companies are looking for in today's evolving office landscape. This redevelopment provides increased amenities to its occupiers, helps reduce the carbon footprint of the building and offers new life to the London office sector," said Christina Forrest, Managing Director, Real Estate, Europe, at CDPQ.

Niki Dembitz, Head of UK & Ireland at PIMCO Prime Real Estate, commented: "We have been consistent in our conviction that high-quality, well-located office concepts will continue to be in high demand. That Stonecutter is 93% leased on completion confirms this conviction. We're excited to be delivering this state-of-the-art office to our tenants, creating long-term value to our clients and adding to the City of London's appeal."

Situated in Farringdon, one of London's most desirable and vibrant areas, the property offers easy access to transport hubs, prestigious residential neighbourhoods, shops, restaurants and the new cultural institutions soon to arrive in Smithfield.

The redevelopment project successfully increased the net lettable area from the previous building by 66%. The new building is arranged over basement levels, ground, podium, and 13 upper floors, three of which benefit from expansive roof terraces. Stonecutter has been constructed with one of the lowest embodied carbon inputs of any new office building in the City of London at 581 kg CO₂ per square metre. This is a significant saving on the London Plan aspirational target of 600 kg CO₂ per square metre.

The building will operate on a net zero carbon basis, benefitting from electric heating and cooling and a commitment to procure renewable power where available. The property aligns with BREEAM and WELL certifications and follows the CRREM pathway ensuring compliance with the Paris Accord and meeting the highest standards of environmental performance. Stonecutter is also forecast to emit just 263 kg CO₂ per person through occupation, which is 44% of the Paris Accord's outlined target of 600 kg of carbon emissions per person per year for real estate activities.

In 2021, Ivanhoé Cambridge and PIMCO Prime Real Estate secured a major off-plan pre-let with the leading UK law firm, Travers Smith, committing to a 15-year lease on 158,000 sq. ft. The move is scheduled for March 2026. In March 2025, a second major lease of 60,000 sq ft was concluded with Trainline, the leading independent rail and coach travel platform, for a 10-year term. Trainline is set to move to its new headquarters in 2026.

The redevelopment, designed by TP Bennett, was managed by CO-RE as the development manager and MACE as the general contractor.

For more information on Stonecutter, visit stonecutter.london

About Ivanhoé Cambridge
Ivanhoé Cambridge, the real estate portfolio of CDPQ, manages CAD 75 billion in gross assets. Through strategic alliances, it has established a global presence, holding interests in over 1,500 properties across the logistics, residential, office, and retail sectors.

As a global investment group managing funds for public pension and insurance plans, CDPQ works alongside its partners to build enterprises that drive performance and progress. CDPQ is active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2024, CDPQ's net assets totaled CAD 473 billion.

For more information: ivanhoecambridge.com / cdpq.com

About PIMCO Prime Real Estate
A leading global real estate investor and manager, PIMCO Prime Real Estate is a PIMCO company and part of the PIMCO real estate platform, focusing on the Core and Core+ segments of the market and managing the Allianz group's $85B real estate mandate.

PIMCO's real estate platform is one of the largest and most diversified in the world, with $174B¹ in assets and a broad set of solutions that leverage decades of expertise across public and private equity and debt markets.

¹ As of December 2024. All figures in USD. AUM includes c. $90B in estimated gross assets managed by PIMCO Prime Real Estate, which includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC, and their subsidiaries and affiliates. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC. PIMCO Prime Real Estate GmbH operates separately from PIMCO.

For more information

CDPQ Media Relations Team
+ 1 514 847-5493
medias@cdpq.com

PIMCO Prime Real Estate
Phillip Lee
PIMCO Prime Real Estate - Media Relations
Ph. +49 (0)89 3800 8234
Email: phillip.lee@pimcopre.com

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