18 June 2012
LONDON’S LATEST LANDMARK SECURES FIRST LETTING
TWO YEARS AHEAD OF COMPLETION
Land Securities Group PLC (‘Land Securities’) and Canary Wharf Group plc ( ‘Canary Wharf Group’) have finalised terms with Markel International (‘Markel’), 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 sq ft across the 26 and 27th floors on a 20 year term at a rent of £65 per sq ft – 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.”
Markel were advised by Jones Lang La Salle and Canary Wharf Group and Land Securities by Knight Frank and CBRE.
For further information, please contact:
Canary Wharf Group plc
Tel: 020 7418 2312
Donal McCabe/ Naomi Curtis
Land Securities Group plc
Tel: 020 7024 5460/ 5411
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 in January 2011and is due to completed in April 2014.
• 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 525ft tall, 675,000 sq ft building will provide 38 storeys of 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 3m sq ft of leases per annum are expected to expire or see breaks potentially exercised during the next four years.
• The floor plates will range from 14,000 – 28,000sq 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
Canary Wharf Group 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 Canary Wharf 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 around 100,000 people. Away from Canary Wharf, apart from the 20 Fenchurch Street joint venture, Canary Wharf Group is also involved in a joint venture with Qatari Diar for the redevelopment of the Shell Centre site on the South Bank.
For more information see www.canarywharf.com
About Land Securities
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 property, from shopping centres to offices. For more information see www.landsecurities.com