| Photo credit Greycoat Real Estate
In a strategic move that could reshape the face of London real estate, Greycoat, and Goldman Sachs Asset Management recently took ownership of 20 Finsbury Dials, a 6-story office building in the City of London. This acquisition, finalized in December 2023, represents more than just a change in property ownership. It symbolizes a shift toward sustainable development within the bustling heart of London’s financial district.
“Our vision for DIALS goes beyond a mere property acquisition,” says Greycoat CEO Nick Millican. “We are embarking on a journey to transform this 140,000 sq ft space into a beacon of innovation and sustainability. Our approach is not just about being at the forefront of design, but about pushing the boundaries of what is possible in sustainable development.”
While DIALS is just one building, Millican envisions its innovative sustainability goals and extensive refurbishment plans as catalysts for change in the London real estate market. These initiatives are poised to transform the property into a leading example of how urban workspaces can adapt to meet the demands of modern environmental consciousness while maintaining commercial viability and aesthetic appeal.
Room for Growth: Nick Millican on DIALS’ Potential
DIALS boasts modern amenities that cater to diverse business needs. The building features an expansive ground floor, including a full-height atrium in the reception area. This architectural highlight brings a flood of natural light into the building, creating an inviting and impressive entrance for tenants and visitors alike. “The atrium not only adds to the aesthetic value of DIALS but also maximizes natural light. It’s a great feature,” said Nick Millican.
All six floors at DIALS offer large, flexible floor plates of around 19,000 square feet, designed to accommodate office layouts suited to contemporary work styles. Ceiling heights ranging from 9 to 10 feet enhance the sense of space and openness.
Located just north of Moorgate station, DIALS enjoys exceptional connectivity, making it highly accessible from various parts of London and beyond. This location is a key asset, providing easy access to major transportation lines including the Central, Circle, Hammersmith & City, Metropolitan, Northern, and London Overground lines. The proximity to transit options ensures seamless commutes for tenants and visitors.
Plus, the building is a three-minute walk from the Crossrail station, increasing its attractiveness to prospective tenants and boosting its overall strategic value. “The location of DIALS, combined with its state-of-the-art facilities, positions it as a top choice for businesses looking for accessibility and quality in the heart of London,” says Millican.
Acquiring and Renovating DIALS
On completion of the acquisition, Greycoat immediately embarked upon its goal of extensive refurbishments for the building. This renovation is an innovative example of a sustainable transformation in urban real estate.
Anchored in a “brown to green” approach, the project targets the comprehensive overhaul of the building’s infrastructure to elevate it to the highest standards of environmental sustainability. “I think because it is a very ambitious project for us, it will be really exciting to see how the extent to which refurbishment projects can genuinely deliver on some of these environmental standards,” says Greycoat Director Dan Higginson. “Proof that you don’t necessarily need to build a new building to have it perform in a certain way, you can actually, through sensible intervention and with a bit of thought you can get an existing building to perform.”
Balancing Design and Sustainability
The design strategy for DIALS incorporates a full renovation that retains the building’s structural and aesthetic integrity while integrating state-of-the-art sustainable technologies. “We’re improving the thermal qualities of the envelope because we’re replacing all of the windows, and we’re insulating the existing facade,” Higginson says.
The project includes upgrading heating, ventilation, and air conditioning systems to energy-efficient models, implementing advanced water conservation practices, and using sustainable materials in all construction retrofitting.
Nick Millican Aims for High Environmental Standards
“Our goal is to achieve BREEAM Outstanding, EPC A, and WELL Platinum ratings for DIALS,” Nick Millican says. “These certifications are not just badges of honor — they signify our commitment to setting benchmarks in sustainable building practices that prioritize both environmental impact and occupant health.”
BREEAM (Building Research Establishment Environmental Assessment Methodology) provides a holistic sustainability assessment framework for buildings and infrastructure in 12 categories. Ratings range from Outstanding to Pass. EPC (Energy Performance Certificate) rates buildings on energy efficiency with a rating of A through G. WELL Platinum is the highest rating given in the WELL Building Standard program that rates how buildings support human health and well-being.
Achieving these standards will confirm the building’s status as a leader in eco-friendly office space.
Enhancing Tenant Well-Being and Environmental Impact
The renovation plans for DIALS directly align with the growing demand for workspaces that contribute positively to the environment and occupant well-being.
“Modern tenants demand more than just office space; they want environments that reflect their own values of sustainability and responsibility,” explains Millican. The emphasis on natural light and flexible workspaces improves the well-being of those who work in the building, making DIALS a highly desirable location for prospective tenants.
Overcoming Challenges and Setting New Precedents
The project faces inherent challenges in retrofitting an existing structure to meet stringent sustainability standards. Despite these hurdles, Greycoat Real Estate’s commitment to this environmental, social, and governance-focused design is unwavering. “By embracing these challenges, we set a precedent for sustainable development in prime urban locations,” Millican said. The belief is that this approach will not only attract environmentally conscious tenants but also inspire other real estate developers to adopt similar sustainable practices.
The Ripple Effects of DIALS on Urban Sustainability
The acquisition of DIALS by Greycoat and Goldman Sachs Asset Management marks a significant moment in the evolution of London’s real estate market toward sustainability and environmental responsibility. This initiative isn’t merely about redefining a prime office space, but showing the world what sustainable urban development looks like.
Reflecting on the broader impact, Nick Millican notes, “The transformation of DIALS is a blueprint for the future, showcasing the immense possibilities of integrating sustainability in urban real estate. Our hope is that this project will inspire a wave of similar initiatives, where environmental stewardship and urban development go hand in hand.”
The commitment shown by Greycoat to not only meet but exceed current sustainability standards is a clear indicator of the shifting priorities in the real estate market — a shift toward a future where sustainability is not an option, but a necessity.
