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Owners Edge and Mitsubishi Estate London obtained planning for the project in April.
Speaking ahead of the closing of a £170m London loan, the bank’s EMEA real estate head extolled the benefits of upgrade projects.
The office building, subject to a €530m financing, has only been sold twice since it was built in 1913.
The loan represents one of the largest central London office financings of the year.
The facility supports Arora Group’s acquisition of 102 Petty France, Westminster.
The manager has provided a whole loan to support the acquisition and redevelopment of a Dutch office complex.
The mixed-use campus, in London’s former Olympic Park, includes an innovation centre and office building.
The developer has added two banks to its existing lender consortium for the complex.
The facility is secured by 95 New Cavendish Street in the city’s West End.
The refinancing comes at a time when lender appetite for the asset class is on the rise.