Major London office refurbishment project “125 Shaftesbury Avenue” officially launched

Press Release

December 23, 2025

Mitsubishi Estate Co., Ltd. Tokyo Tatemono Co., Ltd.

Toko Electric Construction Co., Ltd. Fuyo General Lease Co., Ltd. Sumitomo Mitsui Trust Bank, Ltd.

London, UK - Mitsubishi Estate Co., Ltd., Tokyo Tatemono Co., Ltd., Toko Electric Construction Co., Ltd., Fuyo General Lease Co., Ltd. and EDGE Real Estate B.V. (EDGE), with Sumitomo Mitsui Trust Bank, Ltd. as lender, have announced the launch of a major office refurbishment project, "125 Shaftesbury Avenue", in London.

The scheme involves the large-scale refurbishment of an office building completed in 1982 and acquired in 2023 by Mitsubishi Estate London and EDGE. Since acquisition, Mitsubishi Estate London and EDGE have drawn on the expertise they have cultivated through development projects in Japan and overseas, jointly advancing the master planning and design while working through administrative consultations and the development approval processes. The total project cost is approximately £550 million and construction is scheduled to begin in 2026, with completion targeted for 2028. With the recent participation of three additional partners-Tokyo Tatemono Co., Ltd., Toko Electrical Construction Co., Ltd., and Fuyo General Lease Co., Ltd.-the project will now be jointly advanced by five companies.

Located near Soho and Covent Garden and a three-minute walk from Tottenham Court Road station (Elizabeth Line), the development responds to the area's growing appeal for office use. The scheme will retain roughly 75% of the existing structure, add two storeys and reconfigure the current 11-storey (plus one basement) building of about 22,862 sqm into a 13-storey (plus one basement) building of approximately 33,487 sqm. An enlarged atrium will rationalize floorplates, while new external terraces on upper levels and indoor terraces or balconies on every floor - together with an atrium and internal staircases - will introduce natural light and encourage active movement within the building.

Situated within a conservation area, the design-developed with the London Borough of Camden-respects the historic streetscape; a new ground-level public thoroughfare will reconnect Old Compton Street and New Compton Street, activating the frontage with office entrances, retail units and affordable workspace for local entrepreneurs.

In partnership with EDGE, the project will prioritize extensive structural reuse, material recycling, an energy-efficient façade upgrade and on-site renewable energy to reduce CO₂ emissions. Through these measures the development is targeting BREEAM Outstanding*1, EPC A*2 and WELL Platinum*3 certification.

• "125 Shaftesbury Avenue" Project renderings and the Refurbishment plan

  
  
  

  ▲Atrium space ▲Atrium space

  
  
  

  ▲Refurbishment plan ▲from Old Compton Street

  
  
  

  ▲Before/After (from New Compton Street)

  
  
  

  Location	125 Shaftesbury Avenue, London
  Site area	Approx. 3,590 sqm
  Architect	DSDHA
  Contractor	TBD
  Commencement of construction	2026
  Completion	2028
  	Before	After
  Gross Internal Area	Approx. 22,862 sqm	Approx. 33,487 sqm
  Floors	11 / 1 (above ground / underground)	13 / 1 (above ground / underground)
  Primary uses	Office 13,075 sqm Rertail 3,349 sqm	Office 21,257 sqm Rertail 1,663 sqm

  *1 BREEAM: Launched in 1990, BREEAM, or BRE Environmental Assessment Method, is a system developed in the U.K. for the assessing the environmental performance of buildings. Performance is assessed in a total of ten categories including energy, health and well-being, water, materials, and waste, and rated on a five-grade scale of Pass, Good, Very Good, Excellent, and Outstanding.

  *2 EPC: EPC is a system for rating the energy efficiency of a building on a seven-grade scale from A to G. In accordance with the Minimum Energy Efficiency Standard (MEES) stipulated by law in 2015, office buildings that fail to achieve a B rating by 2030 can no longer be newly leased to tenants.

  *3 WELL Certification: This is an international certification system developed in the U.S. to assess buildings and spaces from the perspective of human health and well-being.

• Company Profiles Mitsubishi Estate Co., Ltd.

  Head Office: 1-1-1 Otemachi, Chiyoda-ku, Tokyo, Japan Established: 1937

  Representative: Atsushi Nakajima

  Business Activities: Development, leasing and management of office buildings, commercial facilities, condominiums, hotels, logistics facilities and related assets

  Tokyo Tatemono Co., Ltd.

  Head Office: 1-4-16 Yaesu, Chuo-ku, Tokyo, Japan Established: 1896

  Representative: Katsuhito Ozawa

  Business Activities: Development, leasing and management of office buildings, commercial facilities, condominiums, hotels, logistics facilities and related assets

  Toko Electrical Construction Co., Ltd.

  Head Office: 1-4-5 Nishikanda, Chiyoda-ku, Tokyo, Japan Established: 1947

  Representative: Takahiro Yamamoto

  Business Activities: Building electrical installations, renewable energy systems, transmission lines, railway electrification, and HVAC and plumbing works

  Fuyo General Lease Co., Ltd.

  Head Office: 5-1-1 Kojimachi, Chiyoda-ku, Tokyo, Japan Established: 1969

  Representative: Hiroaki Oda

  Business Activities: Provision of leasing and financial services for corporate clients

  EDGE Real Estate B.V.

  Head Office: Amsterdam, the Netherlands Established: 1999

  Representative: Marian Herman

  Business Activities: Real estate development and related activities

  Sumitomo Mitsui Trust Bank, Ltd.

  Head Office: 1-4-1 Marunouchi, Chiyoda-ku, Tokyo, Japan Established: 1925

  Representative: Kazuya Oyama

  Business Activities: Financial services, consulting, and real estate-related services

• Mitsubishi Estate's business in Europe Since the acquisition of Atlas House in London in 1985, Mitsubishi Estate has been involved in diverse development projects, notably Paternoster Square (completion in 2003), a large-scale development adjacent to St Paul's Cathedral in London in the U.K. In recent years, in London, Mitsubishi Estate has also participated in 8 Bishopsgate (completion in 2023), a large-scale office redevelopment project in the City of London, The Lark (completion in 2022) and The Blossoms (completion in 2024), build-to-rent projects, and Bromley (completion in 2026), a logistics project. We also expanded our business into continental Europe and completed our first office development project in Europe, dMoura1 (completion in 2023) in Barcelona in Spain, as well as worked on Grace (completion in 2024), a large-scale office renovation project in Stockholm in Sweden, and other projects.

Mitsubishi Estate Group's investment strategy for its international businesses sets out a policy of active investments in developed countries (the U.S., Europe, and Australia, etc.) and diversified investment with a priority on investment efficiency in emerging countries (primarily in Asia). In Europe, the Group will continue to proactively develop projects that meet the market demand and promote initiatives aimed at further growth in the future.

◎Office development projects in London, UK