Richard Davies has met with us today inside M&G’s flagship development, 40 Leadenhall, a project poised to reshape London’s commercial skyline. While not the sole curator or driving force behind its creation, Richard has been deeply involved in helping to guide this ambitious vision to fruition. For him, the building represents more than an architectural achievement—it’s a testament to the future of the workplace, where innovation, community, and wellbeing converge.
As we step into the expansive, light-filled reception of 40 Leadenhall, Richard’s enthusiasm for the project is palpable. His appreciation for the design and purpose of the space is evident as he reflects on the journey from conception to completion. This exceptional building is a dynamic hub that will soon welcome a thriving community of 10,000 people, cultivating collaboration and growth.
Describing the state-of-the-art amenities and cutting-edge features, Richard offers an evocative metaphor: “Picture a brand-new cruise liner, gleaming and immaculate, preparing to welcome its first guests on board. Every detail, from the luxurious amenities to the state-of-the-art facilities, is designed to create an unforgettable experience for its passengers. Now picture 40 Leadenhall, a brand-new building in the heart of London, poised to welcome its first tenants. Just like the cruise liner, 40 Leadenhall represents a new journey for its occupiers, offering a fresh environment to thrive and grow.”
In these surroundings that mirror his ethos, Richard shares his perspective on developments like 40 Leadenhall. His focus is clear: this is not just about constructing workplaces—it’s about creating destinations that reimagine and elevate what a modern office can be.
ME: Let’s start with a brief overview of your career journey, tracing it from the beginning to your current role. What led you to M&G, and how did those key decisions shape where you are now?
RD: Absolutely. My career in property began with a passion for the outdoors, which I’ve had since school. I explored roles like construction, architecture, and planning, but surveying stood out because it combined office work, outdoor activity, and real-world impact. A friend who was a surveyor took me on a UK tour, and I was hooked. That led me to a graduate scheme at the Government Valuation Office in Wales, where my formal training began. I later transferred to London, seeking the diverse opportunities the city offered.
From there, I joined St Quintin, a smaller UK practice, to complete my RICS Assessment of Professional Competence qualification. Then, I transitioned to Jones Lang Wootton—now JLL—an international firm where I began working on significant projects.
ME: JLL’s international scope must have been an exciting opportunity. What were the highlights of working there?
RD: JLL was pivotal for me. I gained international exposure and worked with major clients like MEPC and Westfield during transformative times in UK retail. Westfield had recently acquired several shopping centres in the UK, and I worked on their due diligence projects. Interestingly, they headhunted me, but I had already committed to an international exchange with JLL, which took me to Atlanta.
ME: How did your time in the US shape your perspective on retail and asset management?
RD: It was eye-opening. I worked across the US, from San Diego to Seattle, Boston to Florida, and everywhere in between, experiencing the scale of American retail. The partnership-focused model between retailers and property owners in the US was vastly different from the UK’s transactional approach. They prioritised collaboration, with shared data on sales and merchandise to optimise spaces. It was a great learning experience that shaped how I approached UK projects upon my return.
ME: After a year in the US, you returned to the UK to head up shopping centre management at JLL. What did that entail?
RD: I led JLL’s shopping centre management team and grew it into a market leader. One aspect I’ve always valued in my career is the international exposure. Real estate’s global nature has taken me to projects around the world—Helsinki, Bahrain, Singapore, Tokyo, Melbourne, San Diego, and back to London. This international dimension has shown me the importance of cultural sensitivity and building strong relationships.
ME: You’ve managed projects globally, so how have you integrated learnings from different markets into projects in the UK?
RD: The most essential lesson has been recognising the importance of cultural differences. For instance, I was reflecting on similarities between this building and one in Seoul, Centropolis. At 40 Leadenhall, we’ve designed a space with world-class facilities. Elements like the central square and the focus on flexible, accessible facilities for cyclists and runners are informed by international best practices and are tailored to the diverse ways people work today.
ME: You’ve worked across multiple asset classes during your career. What led you to broaden your focus when you joined M&G?
RD: At JLL, and shortly after this when I joined Cushman & Wakefield, my focus was primarily on retail & leisure but joining M&G was an opportunity to diversify. I expanded into offices, industrial properties, and living sectors like private rented housing, student accommodation, and senior living. These sectors present unique challenges, especially managing 24/7 environments, but they’ve been incredibly rewarding.
ME: You moved from the managing agent side at Cushman to the client side with M&G—a significant shift. How has that transition influenced your approach?
RD: It was a big transition, but one I embraced. What I try to uphold at all times is to do the right thing to ensure that we are giving the right service to my customers, to the funds that we work with. And ensure that there’s total transparency and correctness So you can see both perspectives and what I’ve always upheld is what is the right thing to do, being fair to all parties. And that I would say is one thing that I’m known for in my circle.
ME: Do you think your approach to leadership has evolved throughout your career?
RD: Absolutely. Leadership evolves through experience, learning from successes, challenges, and mentors. Over time, I’ve refined my ability to inspire and bring out the best in others. I’m known for being fair and setting high standards, which I believe is essential for any leader.
Effective leadership, for me, is rooted in continuous growth and self-reflection. I’ve adapted my approach to meet the changing demands of our industry, drawing on diverse experiences and insights from exceptional mentors.
I can quote you from a good friend of mine, Professor Lloyd Clark, who’s a military historian, and he’s also co-founder for Army Leadership at the Royal Military Academy in Sandhurst. And he says, quite neatly, success is always founded on good leadership, while with failure, the opposite is very often true. So, my style of leadership is about inspiring and motivating my teams, that’s an absolutely vital must. I want my teams to come into the office happy, and to go home happy.
So one key lesson I’ve learned is that leadership is about motivating your team to excel and enjoy their work. I prioritise creating a positive environment where challenges are met constructively. Weekly team briefings play a crucial role in fostering alignment, transparency, and accountability, helping us work as a cohesive unit.
Adaptability is also critical, especially in navigating industry shifts like those triggered by COVID-19 and evolving customer expectations. I focus on critical thinking and self-awareness, informed by formal training, such as the Advanced Staff Command Course at the UK Defence Academy in Wiltshire. This training sharpened my decision-making by helping me recognise and address biases. Encouraging transparency and balanced decisions is central to my leadership style.
Staying informed about broader trends is another pillar of my approach. Consuming diverse news sources helps me detect patterns and evaluate assumptions, ensuring I remain analytical and self-aware—qualities I see as essential for effective leadership.
ME: You have previously mentioned Gordon Edington CBE’s customer-focused approach and how that has influenced you. How does that philosophy impact the way you lead your team and the customer experience you aim to deliver?
RD: Gordon’s approach really resonated with me, and it shaped how I view property management as a holistic service, not just a set of operational tasks. Customer service means respecting the customer’s right to choose, and that retaining a customer’s loyalty isn’t guaranteed—it’s earned through consistent, quality service. That’s a mindset I’ve instilled in my team here. We’re not just managing buildings; we’re delivering a complete experience that meets or exceeds the occupier’s expectations. So, we’re constantly looking at our service from the occupier’s perspective, asking, “What would we want if we were in their shoes?”
ME: You mentioned earlier the importance of self-awareness and understanding biases, particularly when making decisions. Could you expand on how that shapes your adaptability and decision-making process?
RD: Adaptability begins with understanding your mindset and how it influences decisions. The course I took at the UK Defence Academy highlighted how biases and unchallenged assumptions can affect critical thinking. For example, reading the news often reveals how different publications frame the same story differently, reinforcing the need for a questioning mindset.
I encourage my team to reflect on their own biases, especially during tenders or pitches. I’ll ask, “What assumptions are we making here?” While some resist the idea of bias, starting with my own creates space for honest discussions. This transparency fosters stronger, more objective decision-making and helps us stay adaptable by challenging the status quo and rethinking our approach when needed.
ME: And that ties back into how you lead your team, fostering that kind of analytical approach. How else do you encourage your team to think critically?
RD: Critical thinking is a skill I believe everyone in my team should develop. For one, it helps them manage their own roles more effectively, but it also creates a stronger, more resilient team dynamic. As a team, we operate under Chatham House Rules, which allows everyone to speak freely without fear that their ideas or concerns will be attributed to them individually outside of the room. That creates a space where people feel comfortable discussing their biases, or where they think the team could improve. It’s part of building trust.
I’ll challenge my team to support their points with evidence and to stay open to counterpoints. During project planning or client meetings, for example, I’ll ask, “What’s our rationale here? Can we back it up?” It’s about fostering a team culture that values evidence, logic, and open-mindedness. I want them to see critical thinking not as an exercise in scepticism, but as a pathway to stronger, more confident decision-making.
ME: How do you balance critical thinking with the need to stay decisive and act quickly in a fast-paced industry like property and asset management?
RD: That’s a good point—there’s a balance between analysis and action, and timing is often everything. While I do emphasise the importance of logic and critical thinking, I also recognise that sometimes, in our industry, you need to make fast decisions. To balance this, we do the groundwork. Our weekly briefings, forward planning, and risk assessments all prepare us to be ready to act without overthinking when the moment requires it.
Over time, you learn to trust your instincts, especially when you’re facing a decision where there may not be a “right” answer. You make the best choice you can with the information you have, and then you move forward.
ME: If I were to ask your team to describe you in three words, what do you think they’d say?
RD: (laughs) Hopefully, “fair,” “challenging,” and “fun.” I set high standards and push my team to excel, but I also believe in creating a positive, enjoyable work environment.
ME: And if I asked them about your biggest weakness?
RD: They’d probably say I’m a bit “fussy.” I have high standards, and I can get into the details a bit too much sometimes. I’m constantly reminding myself to step back and ask, “Does this really matter?” It’s a balance. I’ve learned over the years that sometimes “good enough” really is good enough, but I have a tendency to want to keep refining things.
ME: You’ve mentioned how retail and office spaces are now becoming destinations in their own right, especially as we look around this building with its impressive amenities—the screening room, gym, wellness centre, and bar. How has your retail background influenced your work in developing office buildings and spaces like this?
RD: It’s been invaluable. Working in retail, especially in shopping centres, is all about creating an experience, and that’s what we’re aiming to replicate in modern office buildings. When someone enters a shopping centre, there’s an element of surprise, engagement, and service that’s almost hospitality-like, and I think it should be the same when you enter a workplace. Here, you’re greeted by a team of receptionists who could be from a five-star hotel. They make you feel welcome and guide you through the building, just as you might be guided to a particular retailer in a high-quality shopping centre.
Every touchpoint in the building feels seamless and intentional. It’s about enhancing the occupier’s entire journey—from the moment they arrive to the moment they leave—so they feel inspired, comfortable, and valued in their environment.
ME: Speaking of your journey, you’ve worked across the globe. Is there a particular region or project that stands out as a favourite for you?
RD: I’ve had the privilege of working in some fascinating places, from America to Turkey and even Bahrain. Setting up an office in Istanbul in 2006 was a memorable experience, especially as it spanned the pre-Lehman, Lehman, and post-Lehman periods, making it an intense navigation of economic shifts. Turkey’s unique culture, where the east meets the west, made it a distinctive environment to work in.
I’ve also had the chance to work on visionary assets like Taipei 101 in Taiwan, which was the tallest building in the world at the time. It wasn’t just an office tower; it was a multi-purpose space with high-quality office areas, an observation deck, five-star retail spaces, and a food court. Projects like these remind me of the forward-thinking developments we’re now seeing in the UK, such as this one.
ME: Outside of your managed projects, do you have a favourite building or asset that holds special meaning to you?
RD: I’m admittedly biased, but I’m incredibly proud of this building. Watching 40 Leadenhall take shape has been a rewarding experience, and I’m excited to see it fully occupied. At 900,000 square feet and 42 floors, it’s one of the largest developments ever approved in the City of London. Designed to be 30% more environmentally efficient than current regulations require, it reflects the strong sustainability goals our team at M&G has prioritised throughout the project. It’s thrilling to contribute to this transformation of the UK skyline, embracing integrated, multi-purpose spaces that were once rare here.
Outside of work, I have a real appreciation for historic buildings with personal resonance. Dartmouth is a standout for me—sailing there earlier this year reminded me of its legacy in leadership training, which resonates deeply given my background as a reservist. It’s inspiring to see how such places have shaped leaders over the years. Similarly, with 40 Leadenhall, we’ve aimed to honour the City’s architectural heritage while creating a modern, purpose-driven space.
ME: Looking ahead, you’ve still got a good stretch left in your career. What else do you hope to achieve before you “hang up the surveying boots,” as they say?
RD: I’m eager to take on new challenges and keep evolving with the industry. I feel like I’ve built a bridge here, so to speak, and I’d like to look for another bridge to build rather than just repaint this one. A big part of my focus will be on mentoring the next generation. Through my work with the Worshipful Company of Chartered Surveyors, I try to support young professionals and affiliates who are starting their careers, and that’s something I’d like to continue and expand.
On a personal note, I’m drawn to outdoor challenges and charity events. I’ve trekked in the Himalayas, cycled across the Pyrenees, and completed the journey from Land’s End to John o’ Groats. One big goal still on my list is to sail across the Atlantic, and I’d love to achieve that.
ME: And when you’re not managing properties or taking on outdoor challenges, how do you spend your downtime?
RD: Family is really important to me. My daughter is studying in Tokyo, which is incredible, and we’re actually planning to spend New Year’s Eve on a mountain there. My son is also an officer in the Army, and it’s been rewarding to watch his career unfold. My wife and I are thrilled to see our children flourishing and exploring the world, as we have.
ME: Thank you so much for sharing your journey and insights. It’s been a pleasure.
Property Management: A Customer Focused Approach (Building and Surveying Series)
Edington, Gordon CBE