In 2024, AXA Alts IM received from Cale Street a financing facility of 480 million GBPs. Multiplex is in charge of the development
Italian producer of architectural envelopes Permasteelisa, a portfolio company of US investment holding Atlas Holding since 2020 (see here a previous post by BeBeez), received from AXA Alts IM the award for the contract for the design and installation of the 36 floors tower Fifty Fenchurch Street, a London building that Eric Parry Architects designed. In March 2024, Axa Alts IM, a firm with aums of 186 billion euros (Linkedin), attracted from Cale Street a financing facility worth 480 million GBPs (press release) for the development of Fifty Fenchurch Street.
Fifty Fenchurch Street
In June 2024, Multiplex Construction Europe won the contract for the main works of the 650000 sqf (60000 sqms) complex that may finish in 2028 (press release). Keltbray should shortly complete the 30 million piling and excavation works (si veda qui il comunicato stampa). Yard Nine acts as development manager, Third London Wall is the project manager while QS Core Five, M&E Arup, and Workman have further advisory roles.
The UK subsidiary of Permasteelisa will work with the Gartner brand for installing a closed cavity façade (CCF) on the building main tower which will include integrated blinds to maximise daylight. The lower floors of the building or studio will provide a double-height curtain wall system, terracotta-clad columns and hand-set stone. Permasteeelisa, was born in 1973 in Vittorio Veneto, completed the iconic glass curtains of the Sydney Opera House, London’s The Shard, the Apple headquarter in Cupertino (California), New York Moma,Unicredit tower in Milan and the headquarter of Intesa Sanpaolo in Turin. The company has sales of 782.4 million euros, an ebitda of 22.1 million and net cash of 143 million (sign up here for the Leanus report).
In January 2025, Permasteelisa said it acquired Benson Industries, an US competitor based in Portland, Oregon, and offices in California, Washington, Singapore, Philippines and Mexico. Benson worked on many iconic projects such as San Francisco Salesforce Tower and Los Angeles Wilshire Grand Center (press release).
Liam Cummins, the ceo of Permasteelisa, said: “Fifty Fenchurch Street contract is a further proof of our continued commitment to the execution of key projects in London. We look forward to working with Multiplex once again to safely and successfully deliver this exciting project. Our innovative Closed Cavity Façade will help the building achieve its goal of being Net Zero once operational.”
Fifty Fenchurch Street will be one of the most sustainable and biodiverse office skyscrapers in the UK, aiming for a BREEAM Outstanding rating and zero-emissions operation. It will be the first building of this scale to incorporate such extensive vertical architecture in the City of London. The architecture firm DSDHA designed the 10th floor indoor and outdoor gardens that have than 40 planted balconies and terraces, collectively introducing more than 70 plant species to the site. Each upper floor of the building will feature two terraces with shrubs and flowering plants, allowing staff direct access to nature and fresh air from their workplaces. The building’s abundance of greenery will be seamlessly integrated with state-of-the-art technology and wellness facilities to provide a future-focused and people-focused workplace for generations to come. At ground level, there will also be 1500 sqms of public space and access to two medieval buildings: the tower of All Hallows Staining Church and the Crypt of Lambe’s Chapel.
