Three Giants Vie for £200 Million London Stock Exchange Renovation Contract

Three major construction firms have submitted bids for a significant £200 million contract to refurbish and extend the London Stock Exchange’s headquarters in Paternoster Square. The ambitious project aims to modernise the iconic building to meet current and future office standards as its initial 25-year lease nears its end.

Key Takeaways

Bovis, Wates, and Structure Tone are the final contenders for the lucrative contract.
The renovation includes a new glazed lobby, roof extensions, and enhanced outdoor spaces.
The project is being managed by Oxford Properties, with the winner expected early next year.

The Contenders

Bovis, Wates, and Structure Tone have all returned their bids for the extensive refurbishment and extension work. Bovis has a historical connection to the site, having built the existing King Edward Court building, designed by Eric Parry, back in 2003.

Wates’ bid is reportedly being spearheaded by its Fit Out business, while Structure Tone’s UK operations are jointly managed by individuals with prior experience at ISG’s fit-out division.

Project Scope And Vision

The proposed revamp, designed by the London practice Carter Gregson Gray, includes a striking double-height glazed lobby. This feature is intended to showcase the market’s daily opening and closing ceremonies to the public on Paternoster Square.

Further enhancements will involve several roof-level extensions, including a new double-height events pavilion and a single-storey roof terrace pavilion. Additionally, a single-storey extension is planned for a corner of the building. The project also promises substantial outdoor space, with a new roof terrace offering prime views of St Paul’s Cathedral’s dome, alongside balconies on multiple levels facing Paternoster Square.

Project Management And Timeline

Oxford Properties, acting as the main applicant, is overseeing the wider refurbishment, with developer Hines also involved as long-term leaseholders. The intention behind the scheme, developed over the past year, is to update the building to contemporary office standards.

The London Stock Exchange Group (LSEG) is expected to temporarily relocate to the neighbouring St Martin’s Court for two years during the refurbishment. LSEG has appointed its own project team for the fit-out of King Edward Court, comprising MCM as lead architect, RLB for cost management, Cushman & Wakefield as project manager, and Alan Baxter for structural engineering.

Oxford Properties’ team for the main refurbishment includes G&T for costs, WSP for structures, Newmark for planning, M3 Consulting as project manager, Turley for townscape and carbon assessments, Velocity for transport, Arup for facade consultancy, and Studio GB for landscape design.

A decision on the winning bid is anticipated in early next year.