Skanska has secured a contract valued at £282m ($373m) to deliver 55 Old Broad Street, a 23-storey office building situated near Liverpool Street Station in London.
The agreement was signed with private equity real estate firm AshbyCapital.
Skanska will be responsible for the construction, including electrical, mechanical and public health engineering systems installation.
The project will be reflected in Skanska’s European order bookings in the second quarter of 2026.
The development is expected to offer approximately 25,000m² of office space, with an additional 1,400m² dedicated to food, retail, beverage and public realm areas at ground level.
Construction is scheduled to commence in October 2026 and conclude in late 2029.
In addition to building 55 Old Broad Street, Skanska’s remit covers the refurbishment of the adjacent five-storey 65 Old Broad Street property, as well as the Grade II-listed Bishopsgate Victorian Bath House.
Landsec, which previously secured planning approval for the development in November 2023, will maintain involvement as development manager.
AshbyCapital acquired 55 Old Broad Street from Landsec through the £282m deal, which follows planning consent acquired for the site in 2023, when the scheme had a reported gross development value of £500m.
The project aims to address demand for new workspace in a central business location and will target sustainability objectives, including NABERS five-star certifications and BREAAM Outstanding.
The building is set to be fully electric, powered by air-source heat pumps and renewable electricity.
Skanska executive vice-president Lee Marks said: “This development will create high-quality, future-ready workspace in an exceptionally well-connected commercial district. We are proud to be partnering with AshbyCapital and bringing Skanska’s specialist expertise to a scheme of this scale and significance.”
AshbyCapital property director Tom Smithers said: “Securing Skanska as our construction partner is an important milestone for 55 Old Broad Street and reflects our shared ambition to deliver a best-in-class workplace in the heart of the City.”
In a separate announcement, Skanska confirmed the cancellation of a £297m contract with National Highways to upgrade a 6.6km portion of the A46 Newark bypass in the Midlands.
The cancellation will reduce Skanska’s European order bookings in the second quarter of 2026.
Last month, Skanska was awarded a contract worth approximately $1bn by the Massachusetts Bay Transportation Authority (MBTA) to replace the North Station Draw One Bridge and carry out track and signal upgrades spanning Boston, Cambridge, and Somerville, Massachusetts.
