Private property company Pace Investments has appointed Gresham Down and Savills to find a funding partner for its 21,400 m2 office development at Sugar Quay in the City of London.

The glass fronted office building designed by David Walker Architects is one of the last undeveloped waterfront sites in the City. The scheme is close to The Tower of London and has spectacular views of Tower Bridge and the River Thames.

'With City rents rising over the past 12 months by 25% and severe shortage of new office space predicted over the next few years developers are keen to commence new developments, but an absence of finance will mean that only the very best schemes such as Sugar Quay will get started,' said Stephen Down, managing partner of Gresham Down.

The new project is expected to start later this year.

London-based Pace Investments recently developed Riverbank House, the new 31,200-m2 headquarters building for Man Group, the world's largest quoted hedge fund. Located further along the river, the building was also designed by David Walker Architects.