TPG Angelo Gordon and Beltane Asset Management Secure Lettings at One Millennium Bridge

Starwood Capital Group provides financing as sustainable extension and refurbishment of 250,000 sq ft building completes

TPG Angelo Gordon and Beltane Asset Management today announced that they have agreed a 90,000 sq ft letting to global consulting firm AlixPartners at One Millennium Bridge, a 250,000 sq ft office and retail development in the City of London. The letting comes after TPG Angelo Gordon and Beltane Asset Management secured a refinancing from a controlled affiliate of Starwood Capital Group to support the extension and refurbishment of the development, as well as the recent completion of a new 150-year headlease with the City of London.

Located on the north bank of the River Thames directly opposite the Tate Modern and near St Paul’s Cathedral, One Millennium Bridge provides 215,000 sq ft of workspace and 35,000 of retail space, as well as one of London’s largest roof top gardens. The retrofit scheme, designed by Piercy & Company Architects, is one of London’s first all-electric buildings and features innovations to reduce running costs, free-up prime internal and external space and promote environmental sustainability. These include an innovative heat recovery thermal storage system. Rents across the workspace are at a blended average of £96 per sq ft.

The letting to AlixPartners features a 15-year lease, beginning in late Spring 2025, with occupation expected from Spring 2026. AlixPartners will take approximately 90,000 sq ft over the 4th, 5th and 6th floors to house over 500 employees. The firm will vacate 6 New Street Square, EC4, which has been its UK headquarters since 2016.

The letting to a business of AlixPartners’ calibre is an endorsement of the attention to detail in the building’s design along with its innovative ESG and energy solutions and stunning riverside location.  

Paul Thompson, AlixPartners EMEA Head of Operations, said: “We are delighted to have agreed terms to occupy the upper floors of this exciting new development. As our business continues to grow, we are committed to delivering the most creative, productive and attractive working environment possible. We are therefore confident that its landmark location and superb amenities will make One Millennium Bridge an exceptional UK Headquarters for our staff and clients alike.”

Mike Diana, Managing Director, Europe Real Estate, TPG Angelo Gordon, said: “Our investment in One Millennium Bridge, and efforts to expand and upgrade the workspace to a next-generation highly efficient standard, unlocks the enormous potential of an exceptionally well-located site. With new features that cut emissions, support air quality and increase biodiversity, the building will bring wide-ranging benefits to occupants, and more widely to the City of London.”

Jonathan Chenery, Partner at Beltane Asset Management, said: “We intend One Millennium Bridge to be a new riverside landmark for London and an exemplar of sustainable re-use and net zero carbon, which outperforms London’s net zero targets well ahead of City Hall’s 2030 deadline. The development builds on our 15-year track record of investing in core, institutional-grade central London real estate with active management potential, where significant value can be created through intelligent asset management.”

Harvey Sandhu, Vice President, European Debt Origination, Starwood Capital, said: “We are delighted to support Beltane Asset Management and TPG Angelo Gordon in the financing of One Millenium Bridge. The building features a unique location along the River Thames, strong ESG credentials and has been delivered to a very high standard demonstrated through the strong leasing momentum. The transaction builds on Starwood Capital’s long- standing experience financing high quality assets in the City of London.”

Gail’s Bakery and coffee shop WatchHouse also recently signed up to take space at Bridge Level alongside the Millennium Bridge entrance. This leaves four retail units available, one on the sixth floor and three at River Level, all with views over the River Thames.

About One Millennium Bridge

One Millennium Bridge will achieve a BREEAM Excellent rating and a 61% reduction in CO2 emissions over the baseline building. This exceeds the 35% carbon emissions reduction target over baseline in the London Plan.

The building has achieved Energy Performance Certificate A and WiredScore Platinum ratings.

The refurbishment retains 69% of the existing structure and all timber and timber-based products used in the building are responsibly sourced. During construction, 95% of demolition was diverted from landfill.

The use of a heat recovery thermal storage system, an innovative technology One Millennium Bridge has borrowed from the industrial sector, spreads daily peak cooling or heating loads over a 24-hour period. This minimises plant requirements.

Further innovations include regenerative elevators which harness energy created by lifts moving down to power lifts going up. Openable windows towards the River Thames support natural ventilation and the design improves average daylight provision by 15% compared to daylight levels before refurbishment.

One Millennium Bridge is exceptionally well-located, and within a five-minute walk of four London Underground Stations. Situated close to the City of London’s cultural and retail destinations, the building is a short walk over the Millennium Bridge from major cultural institutions Tate Modern and Shakespeare’s Globe Theatre.

With three entrances and river views from each floor, One Millennium Bridge is designed to provide an iconic space for all occupants. On the roof, the proposed restaurant will have extensive outside space and benefit from panoramic views of London.

The extensive roof top garden has been designed by multi award-winning designer Andy Sturgeon to support biodiversity and well-being. Level five features two sunken courtyard gardens and landscaped terraces, with planting included on accessible balconies on the south facades across the floors. The planting strategy aims to avoid the urban heat island effect and reduce the surface water run-off.

Beltane Asset Management and TPG Angelo Gordon are represented by RX London, CBRE and Cushman & Wakefield on the office space, and JLL and BGP for retail. Gerald Eve, a Newmark Company, acted for AlixPartners.