ING Bank and Singapore's DBS Bank have provided a £1B development loan to finance the refurbishment of One Spitalfields, a major City of London office scheme being redeveloped by J.P. Morgan Asset Management.

The 11-storey building at 1-10 Bishops Square will provide more than 700K SF of office space following the redevelopment, which will retain the existing structural frame and target an energy performance certificate A rating and BREEAM Outstanding certification. Financing will be supported by a pre-let covering 465K SF of the completed building.

The development is expected to complete in 2029, following the departure of occupier A&O Shearman in May 2027. Quantitative trading firm Jane Street has agreed to take 465K SF under a pre-let, in what J.P. Morgan Asset Management described as the City’s largest off-plan pre-let in more than a decade.

The firm occupies more than 200K SF near Liverpool Street and is planning to roughly double its London office footprint.

The wider redevelopment, designed by Foster + Partners, will retain and extend the existing structure and provide approximately 870K SF of office and retail space, including around 70K SF of new terraces.

“This financing represents one of the largest development loans originated in the London office market," J.P. Morgan Asset Management Head of European Real Estate Michael Ramm said in a statement. "The strong lender appetite and availability of financing for this process is a clear demonstration of the team’s proven track record in executing large-scale development projects, as well as continued flight-to-quality, as lenders prioritise prime assets in prime locations anchored by institutional tenants.”

“The transition of existing buildings will play a vital role in improving the sustainability of the UK’s commercial property market. One Spitalfields shows how large-scale financing can support the modernisation of a major City asset,” ING Director of Real Estate Jennie Norman said in a statement.