Ivanhoé Cambridge and PIMCO Prime Real Estate announce the completion of Stonecutter Français
This prime office space in the heart of London achieved 93% pre-leasing at Practical Completion
LONDON, May 29, 2025 /CNW/ - 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 CO 2 per square metre. This is a significant saving on the London Plan aspirational target of 600 kg CO 2 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 CO 2 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 $174B 1 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
[email protected]
PIMCO Prime Real Estate
Phillip Lee
PIMCO Prime Real Estate – Media Relations
Ph. +49 (0)89 3800 8234
Email: [email protected]
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Cision Canada
29-05-2025
- Cision Canada
Ivanhoé Cambridge and PIMCO Prime Real Estate announce the completion of Stonecutter Français
This prime office space in the heart of London achieved 93% pre-leasing at Practical Completion LONDON, May 29, 2025 /CNW/ - 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 CO 2 per square metre. This is a significant saving on the London Plan aspirational target of 600 kg CO 2 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 CO 2 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 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: / 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 $174B 1 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 [email protected] PIMCO Prime Real Estate Phillip Lee PIMCO Prime Real Estate – Media Relations Ph. +49 (0)89 3800 8234 Email: [email protected]
Cision Canada
01-05-2025
- Cision Canada
New LCA Study: XLERATOR® hand dryers slash carbon footprint by 94% compared to paper towels
Latest Life Cycle Assessment (LCA) reveals Excel Dryer's high efficiency hand dryers dramatically reduce environmental impact versus paper towels. EAST LONGMEADOW, Mass., May 1, 2025 /CNW/ -- All you have to do is follow the data. Excel Dryer, Inc., the pioneering force behind the touchless, high-efficiency hand dryers, provides products that are more environmentally friendly than paper towels. That's according to third-party testing examining the dryers' carbon footprint from manufacture to transportation, use and disposal. For the Life Cycle Assessment (LCA) of Excel hand dryers, independent consultant TrueNorth Collective determined they provide up to a 94% reduction of carbon footprint versus 100% recycled paper towels. "It feels great knowing we can help businesses minimize environmental impact," said Josh Griffing, of Excel Dryer. Post this "We're proud of our strong record of sustainability at Excel Dryer, especially with many countries setting a net zero goal within five years," said Josh Griffing, Excel Dryer Director of Marketing & International Sales. "It feels great knowing we can help architects and business owners minimize environmental impact." Saving energy also translates to saving money. Excel's interactive cost calculator shows cost cutting along with climate change benefits. TrueNorth's LCA compared the environmental impacts of hand dryers versus paper towel systems by examining all stages of the products' life cycles, "from cradle-to-grave." This includes all material, energy, water and pollutant inputs and outputs. Categories include: Global warming Acidification Smog formation Ozone depletion Fossil depletion Water consumption Presence of carcinogens Ecotoxicity Eutrophication "This backs up what we at Excel Dryer have known for a long time," said Griffing. "Constantly restocking restrooms with paper towels leads to higher costs, more maintenance, waste and potentially more global warming. We're fortunate we can offer a solution." Many companies are striving to meet net-zero goals and must choose building materials that align with sustainability objectives. Hand dryers contribute to these efforts by supporting green building certifications such as LEED and WELL. About Excel Dryer, Inc. Excel Dryer is a family-owned and operated company that revolutionized the industry with the invention of the XLERATOR® Hand Dryer, which set a new standard for performance, reliability and customer satisfaction. For more than 50 years, Excel has been manufacturing American-made hand drying solutions that are dependable, cost effective, safe and sustainable. Backed by the best customer service, Excel Dryer products can be purchased through an established network of sales representatives and distributors globally. Learn more about Excel Dryer at
Calgary Herald
26-04-2025
- Calgary Herald
Opinion: Our collective dystopian future could be avoided
The protagonist in the dystopian novel Noetic Marj Odyssey, by Calgary author Inga M. Nelson, is a 17-year-old girl named Marj. She needs to wear respirators because of the smoke in the air due to forest fires. New types of infectious diseases that were dormant for thousands of years are active and pose a serious threat. Article content Article content These are some of the effects of unmitigated global warming projected by Nelson in 2046. Article content Article content The global climate change performance index, which ranks countries against how they are fulfilling their responsibilities to climate change mitigation, ranks Canada (62), the U.S. (57) and China (55) among the lowest performers in terms of legislating and implementing climate change policies. Among the top performers are Denmark, Netherlands, Britain and India (No. 10 ranking). In Canada, lobbying efforts by oil and gas producing provinces and the sector in general have forestalled attempts to legislate a transition to net-zero emissions by 2050. Article content Article content In the federal election campaign, climate change action is being portrayed by the conservative right as the enemy of economic efficiency and competitiveness. Conservative Leader Pierre Poilievre portrayed the consumer carbon tax as the No. 1 contributor to lack of affordability. Article content Article content These characterizations are inaccurate. The purpose of carbon pricing is to cap carbon emissions and enable trading of carbon credits in a competitive market. Several countries — including the EU, Britain, Sweden, China, Japan and South Korea — have carbon pricing regimes in effect. Carbon pricing regimes have not affected economic efficiency and competitiveness in these countries. Article content Post-COVID inflation was the No. 1 contributor to lack of productivity during the Justin Trudeau years in Canada. Inflation was triggered not by the carbon tax but due to misalignment between the fiscal and monetary policies of the Trudeau government. Liberal Leader Mark Carney's background as a central banker enables him to ensure this misalignment does not occur again in Canada. Article content A market-based carbon pricing approach to transitioning to clean energy would be the impetus needed to help provinces diversify from oil and gas dependence. While Carney has pledged to keep the market-based approach to reducing industrial carbon emissions through a carbon pricing regime (not a tax), Poilievre has promised to eliminate any federally mandated pricing. Instead, he would leave it to the provinces to deal with industrial emissions. Article content This begs the question of whether provincial initiatives alone would be sufficient for Canada to meet its commitments for scheduled reductions in carbon emissions under the Paris Accord, intended to help most countries transition to zero carbon emissions by 2050. Article content Article content Oil and gas producing provinces and the sector are seeking to expand production without limitations. However, there are limits to how much production can increase without retaliatory measures from OPEC countries, who do not want their market share eroded. Article content It is important to consider that peak oil consumption globally is expected to be reached between 2030 and 2035, according to the International Energy Agency. While it may make sense to incrementally increase Alberta's exports by expanding the existing TMX pipeline capacity to the west, it makes no sense to build a new pipeline to the east. Article content Another populist measure being put forward by the federal Conservatives claims that only one per cent of single-use plastics are not recycled. However, statistics indicate the vast majority of single-use plastics end up in landfills or the environment, while about 14 per cent is recycled. Plastics in landfills leach into groundwater. Hence, laws are needed to continue control of plastics pollution, consistent with the Canadian Constitution of Canada and the country's responsibilities. Article content While populist measures such as those put forward by Poilievre may appeal to some, it is important to bear in mind the kind of world we will be leaving behind for our children and grandchildren. The dystopian scenario put forward by the Calgary author is not far from what we are experiencing today.
