Savills advised on the purchase of The Leadenhall Building on behalf of CC Land Holdings Ltd.
Stephen Down, head of the Central London investment team at Savills, commented the deal : “Acknowledged as one of London’s most iconic office buildings, the acquisition of the Cheesegrater, and arguably a piece of London’s skyline, by an overseas investor reinforces, if there was ever any doubt, the city’s position as the leading market for global investment.
“Since the autumn of last year we have seen a material increase in international investor appetite for the very best assets in Central London, and the purchase of the Cheesegrater is further evidence. I am pleased to say that Savills has been at the forefront of deals activity that includes over £2 billion of prime assets in London since September last year.
“The deal also importantly reflects Savills ability to successfully work collaboratively cross- border, with our Hong Kong investment colleagues, led by Raymond Lee, playing an important role in the acquisition.”
06/06/2017 08:15 by Buildington
British Land and Oxford Properties have completed the sale of The Leadenhall Building to C C Land.
The terms of the transaction are as set out in the press release from 1st March 2017 announcing the exchange of contracts. The sale was conditional on C C Land obtaining shareholder approval for the transaction. This was obtained at a Special General Meeting of C C Land’s shareholders on 18 May 2017.
British Land and Oxford Properties owned The Leadenhall Building in a 50/50 joint venture formed in 2010. The headline price achieved of £1.15 billion represents a premium to the valuation preceeding exchange of contracts. The sale marks the end of a very successful partnership between British Land and Oxford Properties to develop and lease this world class building.
British Land and Oxford Properties were advised by Cushman & Wakefield, Eastdil Secured, Mayer Brown and Herbert Smith Freehills.
Source: British Land 25.05.2017
28/05/2017 09:24 by Buildington
British Land and Oxford Properties have exchanged contracts for the sale of The Leadenhall Building to C C Land for a headline price of £1.15 billion.
Completion is conditional on approval by the shareholders of C C Land.
British Land and Oxford Properties developed and own The Leadenhall Building as an investment in a 50/50 joint venture formed in 2010.
Construction of The Leadenhall Building started in early 2011 and completed in summer 2014. The building is fully let with an average remaining lease term of over 10 years to break, and has achieved record rents for the City of more than £100 per sq ft. It is occupied by high calibre businesses including insurers Aon and MS Amlin, and the building’s architects Rogers Stirk Harbour + Partners.
At 736 feet, The Leadenhall Building is the tallest building in the City of London. It provides 610,000 sq ft of world class office accommodation over 46 floors, in a prime location. Its distinctive sloping shape was designed to protect views of St Paul’s Cathedral and offers a range of floorplates with spectacular views over London. The building was voted City of London Building of the Year 2015 by the Worshipful Company of Chartered Architects.
Tim Roberts, Head of Offices and Residential, British Land, commented: “British Land and Oxford Properties took a bold step at the early stages of the UK’s economic recovery to develop The Leadenhall Building to generate a high quality, long term income stream. It’s a decision which has really paid off. Through a strong, collaborative partnership, we have delivered an iconic, award-winning building let to high calibre occupiers at record City rents. This sale shows continued investor appetite for best in class, well located property in London.”
Paul Brundage, Executive Vice President and Senior Managing Director – Europe, Oxford Properties, added: “Oxford Properties has enjoyed a highly successful partnership with British Land through our joint investment in the development, delivery and management of this iconic building. We have delivered on our strategy of ensuring that The Leadenhall Building meets its potential to become one of the most commercially successful investments in London. The Leadenhall Building has been a cornerstone of our London business and has propelled Oxford Properties to a leading position in European real estate development and investment. We are fully committed to the UK and Europe for the long term and are looking forward to pursuing further investment opportunities going forward either on our own or with like-minded partners such as British Land.”
The sale agreement provides for British Land and Oxford Properties to sell their entire shareholdings in the company which holds the investment in The Leadenhall Building to C C Land. The consideration for the sale will be calculated by reference to the net asset value of that company based on the agreed property value of £1.15 billion, subject to adjustment for top-ups in respect of rent free periods and rent guarantees currently estimated to be approximately £12.7 million. The consideration will be received in cash and apportioned in equal shares to British Land and Oxford Properties.
The sale is subject to approval by the shareholders of C C Land (by simple majority) in a Special General Meeting in accordance with the Hong Kong Listing Rules. The Chairman of C C Land, Mr. Cheung Chung Kiu, is the sole shareholder of two companies (Fame Seeker Holdings Limited and Thrivetrade Limited) which in aggregate hold approximately 50.4% of the issued share capital of C C Land as at the date of this announcement, and has given an irrevocable undertaking to procure that these companies vote in favour of the resolution approving the transaction. The C C Land circular to shareholders, including a notice convening the Special General Meeting, will be despatched as soon as possible taking into account the minimum time anticipated for preparing the necessary reports and financial information for inclusion in the circular. Completion is expected to take place no more than five business days after shareholder approval is obtained, provided shareholder approval is obtained no later than 28 June 2017, unless extended by agreement.
The buyer has paid an amount of £287.5 million to the sellers’ solicitors. If approval of the C C Land shareholders is not obtained on or before 28 June 2017, or such other date agreed by the parties, then a total of £40 million of this amount is released to the sellers, with the remainder to be returned to the buyer. If approval of the C C Land shareholders is obtained then the whole of the £287.5 million is released to the sellers at the earlier of completion (along with payment of the balance of the consideration by the buyer) and 28 June 2017, or such other date agreed by the parties, subject to compliance by the sellers with their completion obligations.
Proceeds received by British Land for its interest will initially be used to pay down revolving credit facilities, pending redeployment. The Leadenhall Building was last valued on behalf of the current owners on 30 September 2016 at £915 million (100% interest). The net rental income recognised for the year to 31 March 2016 was £27 million (100% interest) and annualised contracted rent for the building is currently £40 million (100% interest). The disposal is slightly dilutive to British Land’s earnings per share and slightly accretive to its net asset value per share.
British Land and Oxford Properties were advised by Cushman & Wakefield, Eastdil Secured, Mayer Brown and Herbert Smith Freehills.
01/03/2017 14:57 by Buildington
Kames Capital, MS Amlin and Rothesay Life have committed to take the last remaining three floors at Leadenhall Building, with 2 of the 3 transactions completing since the EU Referendum on 23 June, reports British Land.
Kames Capital, which at the moment occupies Level 26 and has £58 billion under management, has completed an 11-year lease over 7,000 sq ft on Level 43, the highest remaining available floor in the building.
MS Amlin has taken expansion space on Level 27, which provides 13,000 sq ft of offices. The company signed leases over 93,000 sq ft in 2013 and welcomed 800 staff to its new global headquarters in the summer of 2015.
Rothesay Life, currently resident on Level 25, has agreed to take Level 32 which comprises 11,000 sq ft. The specialist insurer, which is owned by Goldman Sachs, Blackstone, GIC and MassMutual, will occupy a total of 25,000 sq ft across its two floors.
The Leadenhall Buiding, designed by Rogers Stirk Harbour + Partners, provides 610,000 sq ft of office space over 45 floors and has attracted the highest rents ever paid in the City of London. The building was the winner in the ‘Office Building’ category at New London Architecture Awards earlier this month.
Tim Roberts, Head of Offices and Residential at British Land said: “This is a significant milestone, and underlines that our decision to hold our nerve early in the cycle and attract lettings on the upper floors post-completion was the correct one.
“Moreover, to receive commitments from occupiers so soon after the EU Referendum is not only a tremendous endorsement of the building; it underlines the enduring appeal of London.”
Chris Carter Keall, Vice President and Head of Asset Management at Oxford Properties added: “The letting of these final floors has confirmed the success of our leasing strategy.
“The initial large scale transactions underpinned the development. Post-completion, the focus has been on attracting a broad cross section of occupiers who value service and an active engagement with owner. It is therefore very pleasing to have concluded these transactions with existing occupiers.
“We look forward to continuing to add to the amenity at the building with a new restaurant and retail in 2017.”
12/07/2016 11:49 by Buildington
Clydesdale Bank has signed a 15-year lease, and has taken occupation of the 17,300 sq ft floor at the Leadenhall Building.
The Leadenhall Building is now 98 per cent let or under offer with just a single floor of 7,000 sq ft available. The building is now home to over 4,800 workers, with six companies taking occupation so far in 2016.
Tim Roberts, Head of Offices and Residential at British Land said: “We have seen strong demand for space at The Leadenhall Building, and have been very pleased to secure long-term commitments from blue-chip occupiers, such as Clydesdale Bank. With just one floor available, we anticipate that the building will be fully let ahead of schedule later this year.”
Chris Carter Keall, Vice President and Head of Asset Management at Oxford Properties said: “The Leadenhall Building has attracted occupiers from a wide variety of sectors, who are attracted to the excellent customer service, the variety of floor-plate sizes and its location. Clydesdale’s decision to move in is a fantastic endorsement of our leasing strategy, and we are delighted to welcome them to the building.”
14/05/2016 17:38 by Buildington
Leonid Shutov will open a new restaurant at The Leadenhall Building.
Known for his successful Bob Bob Ricard restaurant in Soho, Leonid Shutov’s new, as yet unnamed, offering will be located on the third floor of the building overlooking the public realm. It will provide a 180-cover, all-booth restaurant with a further 120 covers in private rooms which can accommodate from four to 40 guests.
The modern British grill menu will feature the best locally sourced, seasonal produce cooked over an open flame or smoked in-house. In addition, a nine-seater Japanese dining room will serve sushi, sashimi and tempura.
James Rayner, Asset Manager, British Land said: “Leonid Shutov’s decision to open at The Leadenhall Building further underlines its status as an iconic building in the City of London and we are delighted to have secured such an aspirational brand.”
Chris Carter Keall, Head of Asset Management, Oxford Properties said: “As part of our placemaking strategy to enliven the public realm, we are also working to deliver two further outlets at ground floor level to provide a diverse offering to our occupiers and diners in the City.”
Leonid Shutov said: “The Leadenhall Building offers the ideal location for our unique restaurant concept and we are excited to open in such a fantastic location. The restaurant will break new ground in both design and culinary offering and will deliver an interior that is both urban and contemporary.”
The Leadenhall Building is now 95 per cent let or under offer, with ten occupiers across 32 floors.
British Land and Oxford Properties were represented by Davis Coffer Lyons.
02/03/2016 13:33 by Buildington
Quadrature Capital has signed a 10-year lease for the 11,000 sq ft floor of The Leadenhall Building, and will relocate from its current premises at 99 Bishopsgate.
The Leadenhall Building is now 94 per cent let or under offer, with 10 companies currently occupying 32 floors.
Tim Roberts, Head of Offices and Residential at British Land said: “Our leasing strategy for the building was predicated on the variety of floorplate available, and our belief that we could attract blue-chip occupiers to the building’s upper floors post completion. The letting to Quadrature Capital is further evidence that our instinct was correct, and we continue to see strong demand for the limited space still available.”
Chris Carter Keall, Vice President and Head of Asset Management at Oxford Properties said: “It is extremely pleasing to see The Leadenhall Building now almost two thirds occupied, with just three floors available for lease. The re-opening of the public space and walkways has created a real sense of vibrancy at the building, and we look forward to welcoming Quadrature Capital in the coming months.”
JLL and Cushman & Wakefield advised British Land and Oxford Properties. REM Roberts advised Quadrature Capital.
30/01/2016 09:26 by Buildington
A further 159,700 sq ft has been let or placed under offer at the Leadenhall Building, reports British Land.
25,000 sq ft has been given to the joint venture partners OMERS, who will relocate their European headquarters there.
The building is 91% let or under offer, with just 4 floors remaining to be let, and it continues to set new highs for rents in the City.
Source: The British Land Company PLC Half Year Results 17 November 2015
18/11/2015 14:14 by Buildington
The Duke of Cambridge and Prince Harry were guests of honour as The Leadenhall Building, the tallest building in The City of London, officially opened for business on Monday 19th of October 2015.
The Duke of Cambridge and Prince Harry admired the views from the building’s 42nd floor, 200 metres above street level, and met senior executives from joint developers British Land and Oxford Properties and members of the construction team, including four apprentices that worked on the project.
They were also presented with a bespoke Lego model of the building, created in tribute to the pioneering techniques employed in its construction whereby 80% of the building, including the 18,000 tonne steel structure, was pre-fabricated before being assembled on site.
The Leadenhall Building, also known as ‘The Cheesegrater’ on account of its distinctive sloping shape which is designed to protect views of St Paul’s Cathedral, is now close to fully occupied. Aon, the world’s largest insurance broker, has relocated its global headquarters from Chicago and recently welcomed 2,000 staff to the building. The company is joined by specialty insurer Amlin and twelve other companies from a range of industry sectors including the building’s architects, Rogers Stirk Harbour + Partners.
The building comprises 610,000 sq ft (56,670 sq m) of office and retail space over 45 floors and is 90 per cent let, attracting the highest rents ever paid in The City of London. It was recently voted The City of London Building of the Year.
Chris Grigg, Chief Executive at British Land said: “This is a significant milestone for us and our partners Oxford Properties and I would like to thank The Duke of Cambridge and Prince Harry for helping us mark it.
“The decision to develop The Leadenhall Building in 2010 was a bold one; the full impact of the global financial crisis was still unravelling, and The City of London’s position as the world’s leading financial centre was under threat. However, we had confidence that The City would rebound, and resolved to deliver an exceptional building that would attract leading companies from all over the world. I am very proud to say we have achieved that.”
Paul Brundage, Executive Vice President and Senior Managing Director, Oxford Properties Europe, said: “We are honoured to be joined today by The Duke of Cambridge and Prince Harry to mark the final milestone in this incredible project.
“In 2010 Oxford Properties was seeking a development opportunity that would not only demonstrate our commitment to London, but underline our aspiration to become a leading global investor in real estate. The Leadenhall Building was the perfect answer. This is not only a London landmark, it is a building that resonates on the world stage and we are tremendously grateful to all those who have helped deliver it.”
20/10/2015 10:56 by Buildington
British Land and Oxford Properties have announced two new lettings at The Leadenhall Building to global energy company Petredec and Fidelis Insurance.
Petredec, seller and distributor of Liquefied Petroleum Gas, has chosen The Leadenhall Building for its European headquarters. The company has signed a 10-year lease to occupy 9,970 sq ft on Level 35.
Fidelis, a global insurance and reinsurance risk carrier, will occupy Level 34, taking 10,345 sq ft. The company has also signed a 10-year lease.
There are now only 5 floors still available at The Leadenhall Building. Aon and Amlin have completed their phased moves into the building over the summer, joining 6 other companies already in occupation.
Tim Roberts, Head of Offices at British Land, said: "Our strategy to lease the upper floors post-completion has been proved to be the right one, with nearly 200,000 sq ft let since last Summer, and the building achieving record rents for The City of London. These lettings underline The Leadenhall Building’s position as a London landmark in the heart of one of the world’s pre-eminent financial centres."
Chris Carter Keall, Head of Asset Management at Oxford Properties, said: "The range of floorplates at The Leadenhall Building has given us a clear leasing advantage, and been a major factor in attracting occupiers from a variety of industry sectors, alongside financial services. We have completed 11 lettings since Practical Completion in 2014, which serves to highlight that the decision to commence construction in 2011, has allowed us to deliver an exceptional building into a buoyant occupational market."
DTZ and JLL advised British Land and Oxford Properties. Ashwell Rogers advised Petredec and Savills advised Fidelis Insurance.
16/09/2015 10:33 by Buildington
British Land and Oxford Properties announced today that DRW Trading Group (“DRW”) has signed an Agreement for Lease at The Leadenhall Building.
The building is now almost 90% let or under offer with just 5 more floors still available.
DRW is a principal trading organisation headquartered in Chicago, with offices in Montreal, New York, San Francisco and Singapore. The company has chosen to relocate its London operations to The Leadenhall Building.
It is the seventh transaction to complete at the building this year, following commitments from Brit Insurance, Spanish banking group Banco Sabadell, Kames Capital, shipping broker Affinity, IT provider Ipsoft and Rogers Stirk Harbour + Partners, the building’s architects. The Leadenhall Building is already home to such businesses as global serviced office provider Servcorp and specialist pensions insurer Rothesay Life.
Tim Roberts, Head of Offices at British Land, said:
“Since completion, we have seen strong demand for the upper floors of The Leadenhall Building, translating into some standout deals with high calibre occupiers. We look forward to welcoming DRW, and our other confirmed occupiers to the building over the coming months.”
Mike Rayner, Head of Development, Oxford Properties, said:
“The Leadenhall Building is not only one of London’s landmarks, it provides state of the art, highly resilient office accommodation which is essential for a propriety trading business like DRW. We are very pleased they have decided to relocate their European headquarters to the building.”
DTZ and JLL advised British Land and Oxford Properties. Cushman & Wakefield advised DRW.
17/07/2015 13:07 by Buildington
British Land and Oxford Properties have confirmed 3 lettings across seven floors and approximately 100,000 sq ft at The Leadenhall Building to Brit Insurance, Spanish banking group Banco Sabadell and investment management firm Kames Capital. The building is 84% let or under offer following these signings.
Brit Insurance, a market leading global insurer and reinsurer, will relocate to The Leadenhall Building from its current premises at 55 Bishopsgate, EC2. The company has signed a 15 year lease to occupy 66,300 sq ft across Levels 16 to 18, 39 and 40.
Banco Sabadell, the fourth largest Spanish bank will occupy Levels 37 and 38 at the building comprising 18,100 sq ft in total. The bank has signed a 10 year lease.
Kames Capital, based in Edinburgh with over £58 billion in assets under management, has taken a lease over Level 26, which provides 13,300 sq ft of office space. The company has signed a 12 year lease.
These transactions follow recent commitments in 2015 from independent shipping brokerage firm Affinity Shipping, IT services provider IPsoft and Rogers Stirk Harbour + Partners, the building’s architects.
Tim Roberts, Head of Offices at British Land, said: “We continue to be pleased with the mix of occupiers we are attracting to the Leadenhall building, and our strategy of letting the lower floors first and focusing on the upper floors at completion is playing out well.”
Mike Rayner, Head of Developments at Oxford Properties, said: “We are exceeding our targets in terms of leasing, and are thrilled with the response to the building. We have always believed The Leadenhall Building is a world-class, trophy asset, and the level of interest has certainly reaffirmed that.”
DTZ and JLL advised British Land and Oxford Properties. Savills advised Brit, Cushman & Wakefield advised Banco Sabadell, and DTZ advised Kames Capital.
31/05/2015 23:49 by Buildington
Leadenhall Building is now 84% let or under offer, up from 53% at the start of the year, with 199,000 sq ft let or placed under offer over the year, and lettings on the highest floors breaking records for City rents.
Source: The British Land Company PLC Full Year Results 2014/15
14/05/2015 16:55 by Buildington
British Land and Oxford Properties announced today that independent shipping broker Affinity (Shipping) LLP (“Affinity”) has signed an Agreement for Lease at The Leadenhall Building.
Affinity has agreed terms on Level 44, which provides 6,584 sq ft of office space. The company has signed a ten year lease with a five year break clause at £90.00 per sq ft.
The broker, which is based in London but also operates in Singapore, Sydney, Melbourne, Perth, Seoul and Houston, is relocating from its current premises in Tower 42.
The Leadenhall Building is already home to global served office provider Servcorp and specialist pensions insurer Rothesay Life. Leading insurers Aon, Amlin, and virtual IT system provider IPsoft are among those now undertaking their fit-outs and expected to move into the building this summer.
Richard Fulford-Smith, Managing Partner of Affinity (Shipping) LLP, said
“This iconic, contemporary, well-positioned and efficient building provides us with a special environment in the heart of the City . Our new office will provide inspiration to our teams, clients and friends. We are very fortunate, as a new shipping company, to find a space so perfectly matching our requirements, with the bonus of a special view of the London skyline.”
Tim Roberts, Head of Offices at British Land, said:
“Affinity is a dynamic, international business with ambitious growth plans, and we are very pleased it has selected The Leadenhall Building for their global headquarters. The building continues to attract some very high-calibre occupiers from a range of sectors and geographies, and our strategy of focusing on the upper floors post completion is working well.”
Mike Rayner, Head of Development, Oxford Properties, said:
“The Leadenhall Building offers world-class office space in a landmark building, and we are seeing strong demand for the remaining floors. We look forward to welcoming Affinity to the building later this year, alongside our other occupiers currently undertaking their fit-outs.”
DTZ and JLL advised British Land and Oxford Properties. J Peiser Wainwright advised Affinity.
24/04/2015 11:11 by Buildington
IT system provider IPsoft has signed an Agreement for Lease for level 31 at The Leadenhall Building, reports British Land.
Level 31 provides 11,475 sq ft of office space, and IPsoft will take a ten year lease at £75.00 per sq ft, with an option to break after five years.
We continue to see strong interest from a wide range of occupiers and the building, which reached practical completion in July 2014, is now 77% let or under offer.
IPsoft, headquartered in New York, operates from 13 major cities worldwide. The company, which is a leading global provider of autonomic and cognitive IT solutions, will relocate its London office from 30 St. Mary Axe.
Frank Lansink, EMEA CEO of IPsoft said: “London is a thriving market for the adoption of our ground breaking technologies. We are expanding our presence in the heart of the city in order to increase the intensity of dialogue which we have underway with the UK’s leading companies and the world’s largest financial institutions."
Eray Ekici, Vice President at IPsoft said: “We strive to provide a premium work environment to our people, so we are really excited to move in to this state of the art landmark and enjoy the spectacular views.”
Tim Roberts, Head of Offices at British Land said: "The arrival of a cutting-edge IT business such as IPsoft at The Leadenhall Building underlines the fact that this is a unique building. It combines world class design and customer service appealing to occupiers from across the corporate spectrum. We continue to see strong demand for the building’s remaining floors.”
Mike Rayner, Head of Development at Oxford Properties said: "The signing of IPsoft is a further endorsement of our strategic decision to delay the leasing of the upper floors until after completion. The exceptional quality of the office space and unique arrival experience, at one of London’s newest landmarks in the heart of The City, is generating interest from a broad mix of high calibre occupiers.”
British Land and Oxford Properties were advised by DTZ and JLL. Cushman & Wakefield advised IPsoft.
02/04/2015 01:51 by Buildington
British Land and Oxford Properties have announced a further 93,400 sq ft of leasing activity at The Leadenhall Building. This includes the building’s architects, Rogers Stirk Harbour + Partners (“RSHP”), who have signed a binding Agreement for Lease for level 14. A further five floors are also under offer in three additional transactions. This brings the total office space let or under offer to c.70%.
RSHP, which will relocate from their current home at Thames Wharf Studios, Hammersmith, is taking a 15 year lease with 10 year break for level 14. At 18,000 sq ft this was the largest remaining floor at the building. They join global insurance broker Aon, leading insurance company Amlin, specialist pensions insurer Rothesay Life, and worldwide serviced office provider Servcorp at The Leadenhall Building, which reached practical completion in July 2014. Servcorp opened its offices on Level 30 in December 2014 and welcomed Dun & Bradstreet as the first occupier to move into the building.
Tim Roberts, Head of Offices at British Land said: “RSHP have been a valued partner throughout the conception and delivery of The Leadenhall Building and we’re delighted they have chosen to relocate to the building. Their decision and the ongoing interest we are seeing reflects both the attractions of the building and the changing face of the City, appealing to an increasingly diverse mix of occupiers.”
Mike Rayner, Head of Development at Oxford Properties said: “RSHP are one the world’s leading architecture practices and their decision to move to The Leadenhall Building provides the ultimate endorsement. This is a world class building, which is attracting high calibre occupiers across a broad range of sectors.”
The Partners at RSHP said: “We are very proud of The Leadenhall Building and delighted to become its latest tenants. After 30 years at Thames Wharf Studios, it is important for us to be moving into a building that reflects the ethos and evolution of our design practice, clearly stated in its urban relationship with the Lloyd’s building opposite. We will begin this new phase of our history in a building that already feels like home but allows us the advantages of a contemporary, flexible office space in a prime location in the increasingly vibrant and exciting City of London.”
15/01/2015 12:55 by Buildington
British Land and Oxford Properties have unveiled a new public space at the base of The Leadenhall Building following the completion of construction work.
Spanning over half an acre, it is the largest area of publicly accessible space created in the City of London for a decade.
To celebrate the opening of the public space, the developers have commissioned an exhibition in collaboration with New London Architecture which chronicles the construction of The Leadenhall Building. Free to access and open until spring 2015, visitors can discover the vision behind the building and the cutting-edge construction techniques of London’s latest landmark. The exhibition is open in the Leadenhall Building public space from today.
The building, designed by Graham Stirk of Rogers Stirk Harbour + Partners, provides the highest office space in the City of London and has earned the nickname ‘The Cheesegrater’ on account of its distinctive tapered profile, designed to protect backdrop views of St Paul’s Cathedral from Fleet Street.
It is equally recognisable at street level, with the building sitting atop sixteen inclined columns and braces creating a vast area of open space which reaches 28 metres in height. This area runs underneath the building and will open a new walking route from Bishopsgate through to Leadenhall Street which will be used by thousands of people every day.
Protected from the elements by four glass windbreakers, the area will serve as a new meeting point in the heart of the City, featuring tended lawns and trees, and a hard landscaped area that will play host to a range of events and activities, including the exhibition on the construction of the
The space will ultimately be integrated with the adjacent St Helen’s Square in 2015, creating a 2,000 sq ft park-like area, offering City workers a green oasis in the heart of the Square Mile.
Graham Stirk, Partner at Rogers Stirk Harbour + Partners, said: “Building tall has allowed us to create a great public space at street level that will complement the adjacent St Helen’s Square. This new sun-lit seven-storey high space is a fantastic contribution to one of the most active and densely developed parts of the City of London.”
Source: British Land
19/08/2014 21:51 by Buildington
British Land and Oxford Properties have signed an Agreement for Lease with a leading specialist pensions insurer, Rothesay Life, for level 25 at The Leadenhall Building.
Level 25 provides 13,594 sq ft of space and Rothesay Life will take a 10 year lease with an option to break after five years. Rothesay Life, established in 2007, has become one of the leading providers of regulated insurance solutions in the UK market for pensions de-risking and is owned by Goldman Sachs, Blackstone, GIC and MassMutual.
Jonathan Sarkar, Chief Operating Officer of Rothesay Life said: "We looked at a number of options and The Leadenhall Building offered the best combination of space, services and flexibility. We are excited to be moving there and it is perfectly placed to meet our business needs now and as we grow."
Tim Roberts, Head of Offices at British Land said: "Rothesay's decision to come to The Leadenhall Building is a further endorsement of the building's distinctive qualities. It is the fourth letting we have completed during the construction phase, all to companies that are leaders in their fields."
Mike Rayner, Head of Development at Oxford Properties said: "Our objective at The Leadenhall Building has always been to create something exceptional, and to have attracted a business of Rothesay's standing is evidence of the building's appeal to the occupier market and the relevance of its unique design, flexibility and customer service offer."
The Leadenhall Building, which comprises 610,000 sq ft of office space, is now 53% pre-let following commitments with international insurance broker Aon, who are relocating their global headquarters from Chicago, global speciality insurer and reinsurer Amlin, and Servcorp, one of the world's leading serviced office businesses.
The building, which at 224 metres is the tallest in the City of London, was designed by the renowned architecture practice Rogers Stirk Harbour + Partners.
British Land and Oxford Properties were advised by DTZ and Jones Lang Lasalle.
Source: British Land 24.07.2014
28/07/2014 11:11 by Buildington
13,600 sq ft recently let at The Leadenhall Building with high levels of ongoing interest.
Source: British Land Q1 2014/15 Interim Management Statement
19/07/2014 11:27 by Buildington
CBRE Group, Inc. today announced it has renewed its agreement to provide facilities management services for AON, the UK’s largest insurance broker. This will include supporting AON’s headquarters relocation to 122 Leadenhall, London, in 2015.
Todd Budgen, Real Estate UK Director, at AON said:
“CBRE has continued to deliver a robust facilities management service. The renewal of the contract was based on their solid performance in terms of cost savings and client focus. CBRE has worked closely with AON on a number of successful projects and we trust the CBRE team to support our strategic move into our new corporate HQ (Aon Centre - 122 Leadenhall) in 2015.”
25/03/2014 11:22 by Buildington
British Land and Oxford Properties have announced that their 50:50 joint venture has signed an Agreement for Lease with the world’s leading serviced office business, Servcorp, for level 30 at The Leadenhall Building.
Level 30 provides 11,851 sq ft with the letting on a rent of £72.50 psf for a 15 year term and a lessee’s break option at 10 years. The initial rent free period is 24 months and there will be a further rent free period of six months if the option to break is not exercised.
Servcorp, based in Sydney, provides businesses with flexible space in the world’s most desirable buildings, with The Seagram Building, Park Avenue, New York, IFC 2 Hong Kong, Trust Tower Marunouchi, Tokyo and Emirates Towers, Dubai, among its 140 locations.
The letting is the first single floor letting in the Leadenhall Building. The distinctive tapered profile is unique in London and creates floorplates ranging from 21,000 sq ft on level 5 to 6,200 sq ft on the top floor (level 45). This offers occupiers a wide range of opportunities and is a key strength of the leasing strategy for the upper part of the building.
Tim Roberts, Head of Offices at British Land said: “Servcorp is a brand that is synonymous with the world’s premier buildings, We are delighted they have selected The Leadenhall Building to expand their London operations.”
Mike Rayner, Head of Development at Oxford Properties said: “Servcorp’s decision to take space at The Leadenhall Building underlines that this is a real trophy building; not just in the context of London, but globally. It is a fitting start to the year in which Leadenhall will reach practical completion. Welcoming Servcorp to the building is also an effective kickstart to the next phase of our leasing programme, where we look forward to attracting a broad community of specialist and corporate occupiers to the building’s varied floorplates.”
Warren James, Manager, International Property Portfolio at Servcorp said: “This deal represents a substantial expansion of our London business. Servcorp is highly selective in its choice of buildings and our objective is always to be in the best in town: The Leadenhall Building is certainly that. It will provide our clients with accommodation of very high quality in a building of real distinction.”
Source: British Land www.britishland.com
28/01/2014 10:30 by Buildington
The ceremony to mark the topping-out of The Leadenhall Building was held last week.
Owned by the 50:50 joint venture between British Land Company PLC ("British Land") and Oxford Properties ("Oxford"), the building, opposite Lloyd's of London in the heart of the City of London, has been under construction since early 2011. It is due to complete in summer 2014 and will comprise 610,000 sq ft of office space over 47 floors.
The striking architectural design of The Leadenhall Building incorporates 18,000 tonnes of steel and 70,000 sq metres of cladding. In one of the most advanced forms of construction by main contractor, Laing O’Rourke, 85% of the structure (by construction value) has been manufactured off-site.
As well as being the newest addition to London’s skyline, The Leadenhall Building will be part of the City's fabric at ground level, creating a half acre, seven storey galleria which will include formal lawns, seating, mature trees, retail units and an actively managed events space, creating a vibrant and welcoming environment open to the public.
The Mayor of London, Boris Johnson, said: "The Leadenhall Building is the latest landmark to grace London’s iconic skyline, demonstrating our city’s ability to design and construct world-class architecture. This ambitious project has created jobs in London and elsewhere across the UK supporting great British manufacturing all over the country. The building’s soaring pinnacle symbolises the confidence in London’s status as a global centre of finance and trade."
The Leadenhall Building was designed by Graham Stirk, partner at world-renowned architecture practice Rogers Stirk Harbour + Partners. The building's distinctive tapered profile has been designed to protect the sight line of St Paul's Cathedral. Unusually for a tall building, The Leadenhall Building has no central core, with an external mega frame providing the lateral stability and the 26 passenger lifts housed in the building's Northern Core, painted bright yellow, at the rear of the building.
Ray O’Rourke, Laing O’Rourke Chairman said: “Laing O’Rourke is proud to be delivering this iconic addition to the London skyline. The project is a prime example of our innovative Design for Manufacture and Assembly approach, with a substantial amount of the buildings core elements manufactured off-site. This not only creates a high quality building, it’s safer, more efficient, and has reduced the number of vehicle movements in a highly congested city environment.”
A year ahead of its completion the building is 51% pre-let, following commitments with international insurance company Aon, which will relocate its head office to the building from Chicago, and specialist underwriter Amlin.
Chris Grigg, Chief Executive of British Land, said: "When British Land and Oxford Properties started construction of The Leadenhall Building in 2011 some said it was a bold call. It was only three years after the global financial crisis and the economy and property market were still in a fragile state. Yet we were confident enough to start The Leadenhall Building because so many positive factors were in our favour. We have a world class design, an exemplary construction team, a strong collaborative partner in Oxford Properties and excellent occupiers in Aon and Amlin. I would like to say thank you to everyone who has been involved in this project to date."
Blake Hutcheson, President and Chief Executive Officer of Oxford Properties said: "Being a part of this project has been very exciting for Oxford. Thank you to our great partner British Land, and to the wider team – including the City of London. With $24B of real estate around the globe and currently close to $5B of development initiatives underway we know how Cities can help make or break a project. Throughout this experience we have found that the City has been working with us not against us, at every turn. We appreciate this "can do" business friendly attitude which ensures we will continue to invest here. The Leadenhall Building deserves a world class team – and we have one. This building is a great example of what collaboration and partnership can achieve."
Source: Ray O’Rourke 20.06.2013 See more at: http://www.laingorourke.com/media/news-releases/2013/europe/the-lea denhall-building-topping-out.aspx#sthash.TXPS1NyE.dpuf
27/06/2013 12:39 by Buildington
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
21/05/2013 12:26 by Buildington
British Land and Oxford Properties Agree Heads of Terms with Amlin for Pre-let of 111,000 sq ft at The Leadenhall Building, EC3
The British Land Company (“British Land”) and Oxford Properties (“Oxford”) announce that their 50:50 joint venture has agreed non-binding Heads of Terms with the leading specialist insurance and re-insurance business Amlin plc (“Amlin”) for a 111,000 sq ft pre-let at The Leadenhall Building. Amlin has agreed to take levels 18-24 and level 45 with options to take up to a further 36,500 sq ft. On completion of the letting to Amlin, The Leadenhall Building will be 51% pre-let. Amlin will be relocating to The Leadenhall Building from its current offices in the Aviva Tower in March 2015.
Currently under construction and on programme for completion in mid-2014, the 736 ft (224m) Leadenhall Building will be one of the tallest and most iconic buildings in London. It combines a spectacular open ground floor galleria, retail and restaurant facilities and efficient and adaptable office space. The building is located in a prominent City location, directly opposite Lloyd’s, at the heart of the global insurance sector.
Richard Hextall, Amlin plc’s Group Finance & Operations Director, comments, “We have conducted a thorough review of our future accommodation options together with Savills over the past year and have decided that The Leadenhall Building will provide the best solution for our expanding Group and London operations. Leadenhall will provide our staff with perfectly located offices in this elegant, high rise building and we look forward to moving to our new headquarters in 2015.”
Tim Roberts, Head of Offices at British Land said, “We are delighted that Amlin has chosen The Leadenhall Building for its new offices. This will be our second major pre-letting at the building and it shows the considerable appeal of our offer - highly specified and well located buildings of strong architectural quality coupled with a commitment to occupier service.”
Paul Brundage, Executive Vice President, Senior Managing Director Europe of Oxford Properties said, “This major letting to Amlin is further testament to the world class credentials of The Leadenhall Building – both in terms of the location and prestige of the building itself and the flexibility and quality of the space on offer. This second, significant pre-letting also demonstrates the strength of our joint venture with British Land.”
Source: British Land
17/12/2012 21:13 by Buildington
DTZ's City team has advised British Land and Oxford Properties in negotiating the letting of 191,000 sq ft at The Leadenhall Building to global insurance giant AON.
At 224m high and totalling 600,000 sq ft, The Leadenhall Building will be a new icon for London, occupying a prominent position in the heart of the City’s insurance market, opposite Lloyds of London.
AON will occupy the lower 10 floors of the 47 storey building and DTZ is instructed as joint leasing agent on the remaining accommodation.
08/12/2011 19:29 by Buildington
Aon in the UK and Aon Corporation have signed a binding agreement for pre-letting of 191,000 sq ft at The Leadenhall Building.
Aon will occupy the lower 10 floors (levels 4-13) of the 47-storey building (one third of the 610,000 sq ft office tower) for an average lease term of 19 years to first break. Aon will also have options to take up further space totalling up to 85,000 sq ft on levels 14-18.
Source: British Land
15/11/2011 11:36 by Buildington
British Land and Oxford Properties appoint Laing O'Rourke at Leadenhall.
British Land and Oxford Properties today announced the appointment of Laing O’Rourke as the main contractor on The Leadenhall Building, EC3.
Following completion of the joint venture between British Land and Oxford Properties in 2010, construction work recommenced on site in January 2011. Foundations and preliminary basement works are nearing completion and with the construction contract awarded within budget and ahead of time, the main construction works are expected to start in September.
Nigel Webb, Head of Developments at British Land, said: “Laing O’Rourke has an excellent track record of delivering major schemes and we look forward to working with them to deliver The Leadenhall Building, which is set to become a defining City landmark.”
Richard Pilkington, Development Director at Oxford Properties, added: “Laing O’Rourke’s selection as our construction partner is a great milestone for The Leadenhall Building and further underpins our delivery for 2014.”
Roger Robinson, Chief Executive at Laing O’Rourke’s Europe Hub said: “We are delighted to have been awarded this unique project in the City of London. It is a complex build programme which will require exceptional engineering capabilities to successfully deliver the landmark scheme that our clients are expecting from us.”
The 47 storey, 736 ft (224m) Leadenhall tower is set to become one of the tallest buildings in the City of London and will combine nearly half an acre of landscaped open space with modern, flexible offices and retail and dining facilities.
Owing to its tapering shape The Leadenhall Building will deliver floor plates of varying size, ranging from 21,000 sq ft on the lower floors to 6,000 sq ft at the top of the tower. The design offers an efficient and adaptable floorplate with superb views and natural light.
In October 2010, British Land agreed Heads of Terms to develop The Leadenhall Building with Oxford Properties in a 50:50 joint venture basis. In May 2011, non-binding Heads of Terms were agreed with Aon Limited for a 191,000 sq ft pre-let at the scheme with options to take a further 85,000 sq ft.
02/08/2011 17:36 by Buildington
Construction company Laing O'Rourke is close to clinching the prized £300 million contract to build British Land's Cheesegrater skyscraper, reports Evening Standard.
The firm is understood to have pipped bidding rival Skanska, which built the Gherkin at 30 St Mary Axe, to the deal.
British Land declined to comment but is understood to be poised to confirm the appointment within the next few weeks.
Read the full article: http://www.thisislondon.co.uk/standard-business/article-23968069-laing-orourke-leads-cheesegrater-chase.do
07/07/2011 17:51 by Buildington
Liberum Capital analyst Daniel Horwood comments yesterday's news about Aon prelet in Evening Standard:
"The future supply of large-scale space for pre-leasing is limited, visible to potential occupiers and they are all aware of each others' requirements.
"Activity is often characterised like 'dominoes' - after periods of inactivity, once one occupier commits the others all take note."
Read the full story: Cheese rush: City leaps at vacant space by Russell Lynch, Evening Standard http://www.thisislondon.co.uk/standard-business/article-23950325-cheese-rush-city-leaps-at-vacant-space.do
17/05/2011 13:15 by Buildington
British Land and Oxford Properties Agree Heads of Terms with Aon for Pre-let of 191,000 sq ft at The Leadenhall Building, EC3
The British Land Company PLC (“British Land”) and Oxford Properties (“Oxford”) are pleased to announce that their 50:50 joint venture has agreed non-binding Heads of Terms with Aon Limited (“Aon”), subsidiary of Aon Corporation, the leading global provider of risk management services, insurance and reinsurance brokerage, and human resources solutions and outsourcing, for a 191,000 sq ft pre-let of the 610,000 sq ft Leadenhall Building. Aon has agreed to take the lower 10 floors of the offices (levels 4-13), and also have options to take up to a further 85,000 sq ft of space on levels 14-18.
At 736 ft (224m), the 47 storey Leadenhall Building is set to become one of the tallest and most iconic buildings in the Square Mile. Located in the heart of the City’s insurance district, it combines spectacular landscaped open space, retail and dining facilities with modern, flexible office space across a range of floor plates; from 21,000 sq ft at the base of the building to 6,000 sq ft at the top of the tower.Construction of the tower started in January with practical completion scheduled for the mid 2014.
Chris Grigg, Chief Executive of British Land said, “We are delighted that Aon has chosen The Leadenhall Building as the headquarters for its UK operations. This agreement demonstrates the high level of interest being shown by major occupiers for this iconic London office building and the world-class accommodation it will offer.”
Paul Brundage, Executive Vice President, Senior Managing Director Europe of Oxford Properties said, “This deal confirms our original investment decision in The Leadenhall Building and is testament to the strength of our joint venture with British Land, the timing of the building’s delivery and broader global relationship with Aon.”
Robert Brown, CEO Aon Limited said, “We are delighted to have chosen The Leadenhall Building as our new London headquarters. The Aon Centre at The Leadenhall Building is an impressive location and the offices will reflect our position as the leading global professional services firm focused on risk and human capital management. Such a significant investment confirms Aon Corp’s commitment to the UK, and indeed London, as a strategically important and integral part of Aon’s future. We look forwardto working with British Land and Oxford Properties.”
16/05/2011 14:33 by Buildington
London's high-rise architecture has a culinary bent of late. First there was the “Gherkin” by architect Norman Foster; now there is the “Cheese Grater” by Rogers Stirk Harbour and Partners, London. The city's next major high-rise, mothballed for three years during the foundation stage but about to spring to life, got its nickname thanks to its silvery leaning south facade.
London's ‘Cheese Grater' Job Revived, by Peter Reina, Engineering News-Record enr.com
01/05/2011 19:41 by Buildington