8 November 2012 – Media Release
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.
For further information, please contact:
John Garwood / Hamish McDougall
Canary Wharf Group plc
020 7418 2326
Donal McCabe/ Naomi Curtis
Land Securities Group plc
020 7024 5460 / 5411
Ascot Underwriting Ltd
020 7743 9600
Notes to Editors
About 20 Fenchurch Street, EC3, London:
• 20 Fenchurch Street is being jointly developed by Land Securities and Canary Wharf Group. Canary Wharf Contractors Limited, a wholly owned subsidiary of Canary Wharf Group, has been appointed as Construction Manager.
• Construction of 20 Fenchurch Street, EC3 officially started on Tuesday 18 January 2011.
• The building’s architect is Rafael Viñoly. The building spectacularly flares outwards from a narrow base. It is topped by a skygarden
• When complete, the 525 ft, 38 storey, 690,000 sq ft building will provide world class office space, with each floor offering 360° of unrivalled views
• The building will bring Grade A office space to a supply constrained central London market of 2014, as more than more and more leases are expected to expire or see breaks potentially exercised during the next four years.
• The floor plates will range from 14,000 – 28,000 sq ft, providing both flexible high specification accommodation with the larger floor plates on the higher floors, appealing to a wide range of prospective tenants.
About Canary Wharf Group plc
Canary Wharf Group plc is an integrated property development, investment and management group of companies. It is focussed on the design, construction, leasing and management of grade A office space and high-quality retail and leisure facilities in central London. Over the past 20 years the Group has regenerated derelict wharves into the Canary Wharf Estate, one of the world’s premier business and shopping districts, constructing over 15 m sq ft of office space; more than any other company in London. These buildings are occupied by 100,000 people.
The Group’s current projects away from Canary Wharf include the Shell Centre on the South Bank, which is a joint venture with Qatari Diar and 20 Fenchurch Street in the City of London, which is in a joint venture with Land Securities. These follow the successful completion of Pan Peninsula and Drapers Gardens.
Canary Wharf Group’s tenants, clients and occupiers include some of the world’s leading business organisations from the media, legal, accounting, financial services, IT, energy and transport sectors. Canary Wharf Group has also developed and successfully let over 200 shops, bars, cafes and restaurants including many of Britain’s leading brands.
Canary Wharf Group has been named one of the Sunday Times 60 Best Green Companies in the UK since 2008, was the Property Week Offices Developer of the Year 2010 and also won the Christie’s 2010 Award for Best Corporate Art Collection and Programme at the International Art and Work Awards.
About Land Securities London
Land Securities is the UK’s largest commercial property company and a member of the FTSE 100. The company owns and manages more than 29 million sq ft of office, retail and residential space.
Land Securities’ London portfolio includes landmark properties such as One New Change, which has re-established vibrant shopping in the Square Mile. It is jointly developing 20 Fenchurch Street, the City’s newest and most exciting skyscraper, and has revealed ambitious plans to regenerate London Victoria. The area around Victoria Street will be transformed into a place for Londoners to enjoy, people to visit and a place that businesses and individuals are proud to call home.
Ascot Underwriting Ltd. – Syndicate 1414 – commenced trading in 2001 and has grown very quickly to become one of the leading businesses operating at Lloyd’s. The underwriting capital for the Syndicate is provided by a member company of American International Group, Inc.
Main Syndicate classes are Property, Energy, Specie & Fine Art, Cargo, Terrorism, War & Political Risks, Marine Hull/War/Liabilities, Natural Resources and Excess of Loss Reinsurance.