British Land and Oxford Properties has announced that their 50:50 joint venture has exchanged a binding Agreement for Lease with Amlin plc for a pre-letting of 111,000 sq ft at The Leadenhall Building, London, EC3. The letting represents approximately 20% of the office space in the 610,000 sq ft tower which is under construction and on programme for delivery in mid-2014.
Amlin will occupy levels 18-24 and level 45 of the 47-storey building on 20 year lease terms with tenant break options providing an average lease term of 14 years to first break. The average rent will be £62.75 per sq ft. Amlin also has options to take up further space totalling up to 36,760 sq ft. Up until September 2013 Amlin also has the option to choose not to take up a lease on level 18, which would reduce the base take to 95,000 sq ft.
The Leadenhall Building is now over 51% pre-let. Occupying a prominent position opposite Lloyd’s of London, it is already established on the London skyline and recognised as a new icon for the city.
Chris Grigg, Chief Executive of British Land said, “This significant second letting confirms The Leadenhall Building as a world-class building. We are very pleased to be in business with a company of the standing of Amlin, a market leader in the insurance sector.”
Paul Brundage, Executive Vice President, Senior Managing Director Europe of Oxford Properties said, "Our partnership with British Land at The Leadenhall Building has been a great success and this latest significant leasing deal with another prominent occupier evidences this. We look forward to welcoming Amlin to the building and fostering a long standing relationship with them.”
Charles Philipps, Chief Executive of Amlin plc said, “We are very pleased to be moving to The Leadenhall Building. It will be an uplifting new office for us in a building of high architectural quality and an unbeatable location directly opposite Lloyd’s Insurance market.”
Amlin plc was advised by Savills, and British Land and Oxford Properties were advised by DTZ and Jones Lang LaSalle.
Source: British Land 20.05.2013