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Legal & General commences sustainable office reinvention in Maidenhead
Legal & General Investment Management Real Assets (LGIMRA) has started a comprehensive refurbishment of the 129,000 sq ft Tempo office building (previously known as Star House) in Maidenhead town centre.
14 Mar 2022
An extensive programme of work is now underway following the announcement of a £40 million contract with construction engineering company ISG, which will transform the four-storey building into one of the greenest, most sustainable and occupier focused buildings in the Thames Valley.
Designed by architect Suttonca, Tempo’s appearance will be transformed whilst sensitively retaining existing stonework on the front of the building to reduce the embodied carbon of the refurbishment.
A variety of new amenity space will be provided for occupiers. An extended reception will include break out and meeting space and a public café on the ground floor. A shared roof terrace of over 5,000 sq ft will be accessible to all occupiers, creating space for community events and informal working in a wonderful, biodiverse environment. Three pavilions will be developed, housing a club lounge, a flexible audio-visual room for large meetings and a catering pavilion for everyday use and events.
The building’s upgrade demonstrates LGIMRA’s ongoing commitment to providing an exceptional, futureproofed building and front of house experience for occupiers, as well as outstanding ESG credentials.
A study has estimated that £111 million in social value will be generated over the duration of the development, providing significant benefits for the local and regional economy. It is estimated that construction, occupation and management of the building will support up to 3,000 full time jobs for local people.
Tempo sits on a prominent 1.4-acre site opposite Maidenhead mainline station, with Crossrail’s Elizabeth line opening in the second half of 2022. It also benefits from a market leading secure basement car park, where new secure parking for 130 cycles will be provided, supported with changing rooms, showers, lockers and drying rooms. 35 electric car charging spaces will also be installed. The basement will also house a spin studio and treatment room.
Reduced targets for both embodied and operational carbon have been achieved. The building will have no natural gas for heating and instead will rely on electrically driven air source heat pumps.
282 PV panels (totalling over 5,500 sq ft) will be installed on the roof which combine with enhanced fabric performance to reduce energy use by over 23% (when compared to energy performance targets in the property industry).
The building has been modelled against the highest sustainable building standards and has a target rating of BREEAM Outstanding.
Simon Wilkes, Head of Development for LGIMRA: "Tempo occupies one of the best sites in the Thames Valley market. The opening of the Elizabeth Line in the first half of 2022 is expected to bring even more new opportunities to the town. Tempo, with its sustainable design, will provide the space and experience occupiers want. The implementation of low and zero carbon technologies will help reduce energy consumption and work towards a Net Zero future."
Councillor Donna Stimson, Cabinet Member for Sustainability at the Royal Borough of Windsor and Maidenhead: "The building will become a great example of sustainable development. It will be a light and airy place to work in, with several spaces to meet colleagues for a break or a brainstorm, whilst simultaneously providing a healthy environment."
Further information
Notes to editors
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.
LGIMRA is a division of Legal & General Investment Management (LGIM), one of Europe’s largest
institutional asset managers and a major global investor. LGIM manages £1.29 trillion1 ($1.57tn) in
assets, working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
LGIM Real Assets has assets under management of £36 billion2 ($43.8bn) and is one of the largest
private markets investment managers in the UK. Investing in both debt and equity and across the
risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial,
operational and residential property sectors, as well as infrastructure, real estate, corporate and
alternative debt.
Taking a long-term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level.
1LGIM internal data as at 30 June 2022. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions.
2Source: LGIM Real Assets. AUM data as at 30 June 2022.
*at 13 Jan 2023
IMPORTANT INFORMATION
For professional clients only. Past performance is not a guide to the future. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. Views expressed are of LGIM as at 12 January 2023. The Information in this document (a) is for information purposes only and we are not soliciting any action based on it, and (b) is not a recommendation to buy or sell securities or pursue a particular investment strategy; and (c) is not investment, legal, regulatory or tax advice. Legal & General Investment Management Limited. Registered in England and Wales No. 02091894. Registered Office: One Coleman Street, London, EC2R 5AA. Authorised and regulated by the Financial Conduct Authority, No. 119272.