Monday 25 February 2013 – Media Release
Update on letting at 20 Fenchurch Street, EC3 – Development now over 50% let
The joint venture developing 20 Fenchurch Street, comprising Land Securities Group PLC (‘Land Securities’) and Canary Wharf Group plc (‘Canary Wharf Group’) announces that Liberty Syndicate Management Ltd (Liberty Syndicates) and Liberty Mutual Insurance Europe Limited (Liberty Mutual Insurance Europe) have together agreed to take 117,336 sq ft at 20 Fenchurch Street. Following the letting, 53% of the building’s office space is let, which equates to 51% by income.
Liberty Syndicates and Liberty Mutual Insurance Europe are two subsidiaries of Liberty Mutual Insurance, a global insurance business headquartered in Boston. In total, Liberty Syndicates will occupy floors 21-23 comprising 66,321 sq ft while Liberty Mutual Insurance Europe will occupy floors 10-12 comprising 51,015 sq ft. The letting follows the announcement of RSA’s agreement in January 2013 to lease and consolidate its existing London premises and relocate to 20 Fenchurch Street.
Kaela Fenn-Smith, Head of Leasing at Land Securities said:
“We continue to see strong interest at 20 Fenchurch Street with over a year to go until completion. Occupiers continue to be drawn to the scheme attracted by the modern and efficient space in the right location.”
Richard Archer, Head of Leasing at Canary Wharf Group said:
”Our design and construction team are doing a superb job delivering the most technologically advanced building under construction in London today. Our investment in this building has enabled us to secure six high profile tenants to date.”
Nick Metcalf, President and Managing Director of Liberty Syndicates said:
“We are delighted to be able to consolidate our London offices. 20 Fenchurch Street is an iconic building and still enables us to be close to Lloyd’s and our brokers and clients.”
Sean Rocks, President and Managing Director of Liberty Mutual Insurance Europe said:
“As a key player within the London insurance market, having a base in a well-located, modern and sustainable working environment is a critical factor in the successful operation of our business. The proximity of 20 Fenchurch Street to our broker partners plus the scope it offers for efficient and flexible working, represent an ideal opportunity for us.”
Canary Wharf Group and Land Securities were advised by CBRE and Knight Frank.
Canary Wharf Group
John Garwood / Hamish McDougall
Canary Wharf Group plc
Tel: 020 7418 2326
Elizabeth Adams / Lewis Clark
Brunswick Group LLP
T: 020 7404 5959
Land Securities Group plc
Peter Hewer / Camilla Cunningham
T: +44 (0)20 7024 5469
Peter.Hewer@landsecurities.com / Camilla.Cunningham@landsecurities.com
T: +44 (0)20 7863 1045
Liberty Mutual Insurance Europe
T: +44 (0)20 7860 6625
Notes to Editors:
About Liberty Mutual Insurance
“Helping people live safer, more secure lives” since 1912, Boston-based Liberty Mutual Insurance is a diversified global insurer and the third largest property and casualty insurer in the U.S. based on 2011 direct premiums written as reported by the National Association of Insurance Commissioners.
Liberty Mutual Insurance also ranks 84th on the Fortune 100 list of largest corporations in the U.S. based on 2011 revenue. As of December 31, 2011, Liberty Mutual Insurance had $117.1 billion in consolidated assets, $99.3 billion in consolidated liabilities, and $34.7 billion in annual consolidated revenue.
Liberty Mutual Insurance offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance and surety. Liberty Mutual Insurance (www.libertymutualinsurance.com) employs over 50,000 people in more than 900 offices throughout the world.
About 20 Fenchurch Street
• 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, is the Construction Manager.
• Construction of 20 Fenchurch Street officially started on Tuesday 18 January 2011
• Other world-class tenants confirmed for 20 Fenchurch Street include RSA, Markel, Ascot, and Kiln Group Ltd.
• 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, 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 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 – 29,000sq 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 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 29m sq ft of office, retail and residential space. Land Securities’ London Portfolio includes landmark properties such as the world-renowned Piccadilly Lights and the Jean Nouvel-designed One New Change, which has re-established vibrant shopping in the heart of the Square Mile. Following the successful development of Cardinal Place in 2006, Land Securities has revealed ambitious plans to regenerate London Victoria during this next decade. Current and future Land Securities developments in the vicinity total over 1.5m sq ft, and include Wellington House, 62 Buckingham Gate, Kings Gate The Zig Zag Building and Victoria Circle. www.landsecurities.com
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 16 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, a joint venture with Qatari Diar and 20 Fenchurch Street in the City of London, 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.