Canary Wharf Group and Land Securities Group have finalised terms with Markel International, the specialist insurer, on a further pre-let at 20 Fenchurch Street, EC3.
Markel has taken an additional 24,465 sq ft on the 25th floor on a 20 year term at a rent of £65 per sq ft. The company agreed last year to take the 26th and 27th floors of the building, and plans to move into the building around the fourth quarter of 2014.
20 Fenchurch Street is now 56% pre-let, nine months ahead of practical completion and the development is on time and on budget. This latest letting reflects continuing demand for flexible and efficient buildings in the City of London.
Commenting on the decision to increase its space at the building, William Stovin, President and Chief Operating Officer of Markel International, said: “With the completion of our acquisition of Alterra our needs have expanded and we are delighted to have been in a position to take on additional space at 20 Fenchurch Street to bring all our colleagues together in one exceptional location"
Richard Archer, Head of Leasing at Canary Wharf Group said: “We take pride in providing bespoke, efficient and flexible space in our buildings and are delighted to have been able to provide Markel with additional space in 20 Fenchurch Street to reflect its additional needs.”
Colette O’Shea, Land Securities’ London Portfolio Head of Development, said: “Markel’s decision to extend its space is a strong endorsement of 20 Fenchurch Street’s design and efficiency and the building’s unique appeal to occupiers.”
Markel was advised by Jones Lang LaSalle and Canary Wharf Group and Land Securities were advised by CBRE and Knight Frank.
Source: Land Securities