Invesco’s prime London asset to become carbon-neutral

Invesco Real Estate has chosen London for its first carbon-neutral re-development: 20 Manchester Square, a prime office building in the West End, is being upgraded and will become a state-of-the-art, ESG-compliant asset when completed in 2024.

Invesco had acquired the building in 2013 as part of its flagship core programme, which is 5* GRESB-rated. The re-development is now targeting BREEAM Excellent and Wired Platinum as  sustainability is at the forefront of the project.

“As a key office asset within our pan-European portfolio, the initiative to upgrade 20 Manchester Square is an exciting opportunity to introduce ‘future-proof’ characteristics within a majority retained structure, with a particular focus on ESG,” said Rory Morrison, MD, fund management Europe, Invesco. “We believe the opportunities to do so will maximise the experience for our tenants and performance for our investors.”

Around 72% of the original building structure, including the concrete frame and external walls, will be retained or recycled during the redevelopment. The plan includes an increase in the net internal floor area by 20%, the creation of over 2,200 sq ft of external roof terrace space on an additional floor, and upgraded occupier amenities including facilities for active commuters.

On completion the building will comprise 79,000 sq ft of prime Central London office space with open floor plates, as the building’s core is moved to the rear of the site. Its reception will be larger and front directly onto Manchester Square, with natural light being maximised while respecting the heritage of the historic square. 

“We are creating a first-class building in terms of floor plates and amenities in one of Central London’s best garden squares,” said Ed Ginn, director of investment management, Invesco. “20 Manchester Square is also a great example of how Invesco is driving ESG efforts in real estate throughout the building lifecycle, with the aim to create and enhance value for clients through improved ESG integration.”

Lazard, a leading financial advisory and asset management firm, has already been announced as the long-term tenant for 20 Manchester Square and has signed a 15-year agreement in what will be its London head office, with the firm set to occupy the entire building.

20MS is being re-designed by Squires Architects in conjunction with Gerald Eve planning consultants and Gardiner & Theobald, who will focus on the re-use of materials and the health and well-being of tenants. Invesco Real Estate said it will continue to enhance ESG performance once the building is occupied, in terms of Wellness and operational carbon. 

“This is positive news for the London office market and reinforces the flight to quality we have seen in a post-Covid world,” said Ian McCarter, co-head, London office leasing team, Knight Frank. “Today’s office occupiers are seeking the best to attract and retain the talent in their business. 20 Manchester Square is delivering exactly this product.”