Wednesday 23 January 2013 – Media Release
RSA announces relocation of London premises to 20 Fenchurch Street
Leading global insurer RSA announced today that it has signed an ‘agreement to lease’ contract to consolidate its existing London premises and relocate to 20 Fenchurch Street, in the City of London in spring 2014. It has agreed with the building’s joint developers Canary Wharf Group and Land Securities Group to lease 76,000 sq. ft. comprising floors 14–17 of this new London landmark.
RSA’s business is currently based in three different locations within the City, with its Group and Emerging Markets operations located in Plantation Place, and the UK business in Leadenhall Court. By consolidating its premises into a single property, RSA will achieve cost efficiencies and reduce its carbon footprint. The new modern facilities will also offer an area for RSA’s brokers, giving an improved offering to its clients.
The transaction means 20 Fenchurch Street’s is 35% let by space, with construction on track to complete by March 2014. This pre-let reflects continuing demand from the insurance sector for flexible and efficient buildings which offer top-quality office infrastructure and communication technologies in EC3.
RSA Group Chief Risk Officer, David Weymouth, said:
“We are delighted to be able to bring our London offices under one roof. These new facilities in the City mean we can keep close to our brokers and clients, and offer a far more joined up approach across our Group, UK and Emerging Markets teams.”
Canary Wharf Group’s Head of Leasing, Richard Archer said:
“We are pleased to welcome RSA to 20 Fenchurch Street, an exciting new addition to the London skyline which is on track to complete in March 2014. This pre-let reflects continued demand for world class flexible office space from the insurance sector and associated businesses. Total space now pre-let at the building is 35%, which is a good position to be in with 16 months to go before we complete construction.”
Land Securities’ Kaela Fenn-Smith said:
“RSA’s consolidation of their London presence into the building demonstrates the appeal that modern and efficient space continues to hold for companies. We are encouraged that in all our discussions it is the quality of the design along with the efficiency and flexibility of the space that is attracting world class businesses.”
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
Call Peter Hewer / Camilla Cunningham on 020 7413 9000
Tel: +44 (0) 20 7111 1975
Notes to Editors:
With a 300 year heritage, RSA is one of the world’s leading multinational quoted insurance groups. RSA has major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe and has the capability to write business in around 140 countries. Focusing on general insurance, RSA has around 23,000 employees and, in 2011, its net written premiums were £8.1 billion.
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 and is due to complete in March 2014
• Other world-class tenants confirmed for 20 Fenchurch Street include 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 – 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 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 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, Kingsgate House and Victoria Circle. Land Securities is also building some of London’s most innovative mixed-use schemes including 20 Fenchurch Street, the City’s newest and most exciting skyscraper. www.landsecurities.com