London's latest landmark secures first letting two years ahead of completion (UK)
Tuesday 19 June 2012
Land Securities Group PLC and Canary Wharf Group plc have finalized terms with Markel International on the first pre-let in 20 Fenchurch Street, EC3 which is set to become one of London’s landmark buildings.
Markel has taken 51,000 ft² (approx. 4,700 m²) across the 26 and 27th floors on a 20-year term at a rent of £65 per ft² – two years ahead of the building’s completion. Markel plans to move into the building around the fourth quarter of 2014 – when few other developments in London are expected to be delivered.
20 Fenchurch Street is specifically designed to facilitate the very latest in efficient space planning which will allow Markel to drive down occupational costs whilst still providing outstanding modern offices close to the Lloyd’s insurance market. This pre-let reflects continuing demand from businesses buoyed by the insurance sector for flexible and efficient buildings which offer grade-A office infrastructure and communication technologies in EC3.
Commenting on the move, William Stovin, President and Chief Operating Officer of Markel International, said: “We have been at our current address for 11 years and now have the opportunity to upgrade to one of the best developments in the City. We are delighted that we have been able to agree terms for such a prestigious building which will provide us with the perfect headquarters for our continued growth both in the UK and overseas."
Richard Archer, Head of Leasing at Canary Wharf Group said: “The conclusion of this pre-let two years ahead of completion is a strong endorsement of the design and efficiency of our development at 20 Fenchurch Street. Each floor offers world class flexible office space with most of the floors benefitting from panoramic views of London due to the unique location outside the City cluster of tower buildings.
Colette O’Shea, Land Securities’ London Portfolio Head of Development, added: “We’re incredibly excited to welcome Markel into its new London office and are pleased to see our building is creating the right environment to meet all of their occupational needs.”