Behind the deal: How this City of London office job was financed

Mace has been confirmed as the main contractor for an office redevelopment in the City of London. Let’s look at how the deal went…  

Property investment and development company, Helical, has entered a joint venture arrangement with commercial real estate investors, Orion Capital Managers, for the renovation of 100 New Bridge Street. 

The building, originally finished in 1992, will be taken back to steel frame and comprehensively refurbished with new cladding and two additional floors constructed, while reusing existing materials.   

The net internal area of the office will be 191,065 sq. ft across the 1st to the 10th floor, with 3,592 sq. ft of retail space installed on the ground floor.  

A 4,400 sq. ft terrace will be constructed on the 8th floor, with views of St Paul’s Cathedral and across central London. 

Finance and legal  

Helical sold a 50 per cent stake in 100 New Bridge Street for £55 million on a preferred equity basis to a vehicle led by Orion. 

Both parties entered a development financing arrangement with NatWest and an institutional lender, with the bank providing £50 million of a £155 million facility.  

Helical was advised by Knight Frank and Clifford Chance; Orion by A&O Shearman. 

Construction has already started, and the building is scheduled to complete in March 2026. 

Gerald Kaye, chief executive of Helical, said: “We are pleased to be partnering with Orion Capital Managers on the development of this best-in-class, carbon friendly new building, to be completed in Q1 2026 when we anticipate there will be a critical shortage of top-quality office space in the City.” 

Aref Lahham, managing partner of Orion, added: “We continue to believe that there is a window of opportunity in bringing best-in-class, green office space to the City market to capture the pressing tenant demand whilst supply remains constrained.” 

Was this interesting? Try London Olympic Park site to become major construction hub 

If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk