Stanhope and Mitsui Fudosan to develop £800m expansion project

Stanhope and Mitsui Fudosan have signed an agreement to build an £800 million ($1 billion) expansion to London’s British Library building at Kings Cross.

This will add sorely needed space for biotech companies that want to operate in North London.

Scheduled to be completed by 2025, the site will be shared by the British Library and various research companies and organizations, which will have up to 74,000 square meters (797,000 square feet) of space for offices and labs.

The construction costs will be covered by funding from the British Library and development companies Mitsui Fudosan and Stanhope.

The site of the planned hub lies in London’s Knowledge Quarter, a region filled with bioscience centers. Other nearby organizations include the health sciences charity the Wellcome Trust, University College London, and the London Biosciences Innovation Center.