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November 24, 2020

What Do You Do With An Empty Gonad?

[Digital Summit] Network & Discuss Workspace Demands: What Occupiers Want At Bisnow's UK Office Summit 26 November

For Ken Livingstone, it was the glass testicle. For his successor as mayor of London, Boris Johnson, it was the glass gonad. But whatever part of the male anatomy it was being compared to, the distinctively shaped City Hall on London’s South Bank had one clear function: It was the centre of democracy when it came to running London. That is not the case anymore. And that creates an intriguing problem.

The decision by current Mayor Sadiq Khan to move the operations of his office and the Greater London Authority from City Hall to the Crystal building further east in London’s docklands at the end of next year is a financial one: The rent on the building is £11M a year, and Khan said the decision to move to the GLA-owned Crystal will save £126M over the next decade. 

But that financial decision creates a property problem for the City Hall building’s owner, St Martin’s Property, the real estate division of the Kuwait Investment Authority, the Gulf state’s sovereign wealth fund

What Do You Do With An Empty Gonad?

The very specific design of the 185K SF building makes it difficult to repurpose. But from that difficulty could come the next stage in the evolution of a district that has for centuries epitomised London’s capacity to reinvent and reinterpret itself.“Any new occupier will likely have to come out of…

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CRE’s Next Generation: Built-ID’s Bridget Wilkins On Why Property Is Losing The Global War For Talent

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This series asks rising stars in commercial real estate about their thoughts on some of the biggest issues facing the industry, including inequality, climate change and technology.

For Built-ID Director of Community Engagement Bridget Wilkins, the real estate sector faces a stark choice. Change, and change fast, or risk becoming irrelevant to the next generation of talented young workers.

“Many of us are driven primarily by a social purpose, and as a result, prioritise having a positive impact over other more traditional aspirations, like financial success and long-term job security,” she said when asked how her generation of property professionals differs from those that have gone before. “We are now competing in a global war for talent and unless CRE accelerates its focus on engaging and employing diverse people, rather than just meeting reporting targets, we will continue to lose brilliant, passionate people to competing industries.”

Wilkins, an Australian working in London, is something of an embodiment of the template of the next generation of CRE workers which is, as she puts it, “a much more transient workforce and have an expectation of a ‘digital first’ experience and approach to learning, working and engaging.” In 2019,…

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Life Sciences Developer With Big Plans For The UK Raises £1.3B Of Fresh Equity

Life Sciences Developer With Big Plans For The UK Raises £1.3B Of Fresh Equity  

U.S. life sciences real estate developer IQHQ has raised $1.7B (£1.3B) of equity for a new investment push, a significant proportion of which will be targeted at the UK. San Diego-based IQHQ raised the money through a private placement. Real…

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Blackstone has given up control of one of Europe’s largest shopping centres due to declining values, making it the latest in a long string of firms to be hit by the woes of the retail property sector.   Lender Goldman Sachs is close…

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