Having acquired the site for TIDE with full planning permission in 2021, the JV has now agreed a lease spanning the entire third floor of c. 13,907 sq ft with Costello Medical, a global firm at the forefront of its field providing scientific support to the healthcare sector, for a term of 15 years. Costello Medical is expected to take occupancy of its space shortly after the building completes in the summer, moving from its existing London office on Old Broad Street.

TIDE comprises 11 upper floors providing approximately 133,794 sq ft of Grade A office space, along with a ground floor retail unit and 11,560 sq ft of affordable workspace on the lower ground, ground and first floors. Occupiers of the building benefit from access to a wide range of amenities including a 5,167 sq ft rooftop communal terrace with panoramic views overlooking the Thames and the City of London, which is part of a total of over 13,000 sq ft of private and communal green spaces, as well as openable windows, cycle storage for 284 bicycles, 28 showers, and bicycle maintenance centre.

Designed by award winning architects Squire & Partners, TIDE is aiming for the highest environmental standards including net zero in embodied and operational carbon. The development features a NABERS 5 Star rating, EPC A rating, is targeting BREEAM Outstanding, which would put it in the top 1% of the UK’s most sustainable buildings, and will outperform LETI 2025 upfront embodied carbon targets. It is further certified as WELL Platinum Design-enabled, has achieved WiredScore Platinum, and is targeting SmartScore Platinum certification.

Additionally, Barings and LBS are working to deliver a pioneering and needs-based approach to enable social value through the long-term use of the building. Programmes will centre around employment, wellbeing and supporting local community initiatives. Future occupants will participate in these on-site social value opportunities and be able to measure their own contributions.

Located in the heart of the ‘Bankside’ village of Southbank, the asset benefits from easy access to both strong public transport infrastructure with Blackfriars, London Bridge and Waterloo train stations all a few minutes’ walk away along with the Thames Clipper Boat from Bankside Pier, as well as the area’s extensive amenities and cultural landmarks including the Tate Modern, Shakespeare’s Globe, Borough Yards and Borough Market. 

The asset was acquired by Barings on behalf of its second European real estate value-add fund (BREEVA II).

Cushman & Wakefield, RX London and USP are letting agents on TIDE.

Ian Mayhew, Managing Director, UK Real Estate Asset Management at Barings, said: “From its stunning design to its sustainability features and digital amenities, TIDE is among the workplaces that is setting the standards for both central London and, by extension, the world’s top office markets. We’re looking forward to welcoming Costello Medical’s team and some of the other prospective occupiers with whom we’re in active conversations as soon as TIDE opens its doors this summer.”

Rory Allan, Managing Director and Portfolio Manager for European value-add funds at Barings, said: "The TIDE Bankside development reflects our strong conviction that best-in-class net zero carbon properties across asset classes will capture tenant demand and outperform as the market continues to polarise.  We are very active in deploying value add capital into the market across Europe as the current period of dislocation throws up opportunities in what we believe will be a stellar vintage for real estate investing."

Nick Crawford, CEO of LBS Properties Ltd, said: “I am delighted to welcome Costello Medical to TIDE Bankside. TIDE’s design, location and market-leading sustainability credentials make it the perfect home for forward-looking businesses seeking to provide the very best in workplace experience for their teams.  We are excited to see the building reach completion this summer and to welcome other occupiers in making TIDE Bankside their new home.”

Rose Wickstead, London Office Lead, Costello Medical, said: “It is so important to us to provide our talented, hard-working teams with a fantastic professional home to foster connection and collaboration. As a B Corp, TIDE’s best-in-class green credentials and the social value it will create were deeply appealing to us. In Barings and LBS, we found real estate partners who understand our needs and we’re looking forward to being part of the TIDE community with them and our soon-to-be neighbours in a cutting-edge building in such a brilliant central London location.” 

Contacts
Polly Warrack/Ben Monteith (SEC Newgate)
baringsRE@secnewgate.co.uk

Barings Real Estate
Barings Real Estate (BRE) is a part of Barings and offers a broad range of global investment opportunities across the private debt and equity investment markets. BRE invests in all major property sectors and offers an expansive range of financing solutions to real estate borrowers.  Follow us on LinkedIn at linkedin.com/showcase/barings-alternative-investments.

About Barings
Barings is a $406+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.

*As of March 31, 2024