Land Securities Group PLC (‘Land Securities’) and Canary Wharf Group plc (‘Canary Wharf Group’) have finalised terms with Lloyd’s Syndicate Ascot Underwriting Ltd. (‘Ascot’), on a pre-let in 20 Fenchurch Street, EC3, which is set to become one of London’s landmark buildings.
Ascot has taken 29,429 sq ft on the 33rd floor. Following signings with Markel International and Tokio Marine Kiln earlier this year, 20 Fenchurch Street is now 23% pre-let, with a further 11% in solicitors’ hands.
The deal has been concluded approximately 18 months ahead of the building’s expected completion in April 2014. The pre-let reflects continuing demand from companies buoyed by the insurance sector and associated businesses for flexible and efficient buildings which offer Grade A office infrastructure and communication technologies. Land Securities and Canary Wharf Group embarked on building 20 Fenchurch Street with the supply-constrained 2014 market in mind, since more and more leases are expected to expire across London over the coming years.
20 Fenchurch Street is specifically designed to facilitate the very latest in efficient space planning, driving down occupational costs whilst still providing outstanding modern offices with panoramic 360° views of the capital. The innovative design, created by leading architect Rafael Viñoly, is attractive to potential occupiers as it flares outward from its base, meaning that the larger floorplates are found at the higher storeys. When complete, the 525ft tall, 690,000 sq ft building will offer 38 storeys of high quality space.
Andrew Brooks, CEO of Ascot said: “We are delighted to have secured the 33rd floor of 20 Fenchurch Street, with the help of Savills and the development team. This iconic new building is a perfect fit for Ascot’s dynamic, entrepreneurial approach to our business and our new office will accommodate and complement our business as it continues to grow.”
Richard Archer, Head of Leasing at Canary Wharf Group said: “The completion of yet another pre-let around 18 months ahead of completion is testament to both how well-timed and well-designed 20 Fenchurch Street is as a development. Ascot can look forward to world class flexible office space in what will become one of London’s most distinctive and visually appealing buildings.”
Kaela Fenn-Smith, Land Securities’ London Portfolio Head of Leasing, added: “We’re delighted to welcome Ascot to 20 Fenchurch Street, where they’ll benefit from its first class design and construction. 20 Fenchurch Street is built with occupiers of the future in mind, so we’re pleased that this pre-let, and continued interest in a significant amount of further space, demonstrates the growing demand for Grade A office space in EC3.”
Savills advised Ascot; Knight Frank and CBRE advised Canary Wharf Group and Land Securities.
Source: Land Securities