Insurer takes 50,000 sq ft at 40 Leadenhall
M&G Real Estate has agreed a third major letting at its 900,000 sq ft 40 Leadenhall, EC3, office development, taking the scheme to 70% prelet just under a year before its completion.
The fund manager has let 50,827 sq ft to insurance broker Acrisure on a 20-year term. Acrisure joins law firm Kirkland & Ellis, which has agreed to take 218,630 sq ft over floors 23 to 34 in the 34-storey building, Chubb Services, which has agreed to take 77,237 sq ft on the 3rd and 4th floors at a rent of £68 per sq ft and an as yet unnamed occupier that has agreed to take more than 305,000 sq ft.
M&G Real Estate has agreed a third major letting at its 900,000 sq ft 40 Leadenhall, EC3, office development, taking the scheme to 70% prelet just under a year before its completion.
The fund manager has let 50,827 sq ft to insurance broker Acrisure on a 20-year term. Acrisure joins law firm Kirkland & Ellis, which has agreed to take 218,630 sq ft over floors 23 to 34 in the 34-storey building, Chubb Services, which has agreed to take 77,237 sq ft on the 3rd and 4th floors at a rent of £68 per sq ft and an as yet unnamed occupier that has agreed to take more than 305,000 sq ft.
Tony Brown, global head of real estate at M&G Real Estate, said: “40 Leadenhall is a key part of London’s rebirth as a global centre for high-quality workspaces and signs that the market is gathering momentum are very promising.
“A letting of Acrisure’s calibre in the heart of the Square Mile evidences the trend of high-performing businesses bringing employees back to the office environment to collaborate. Some 1.2m sq ft of workspace was let during Q2 this year – a significant sign that the City, in particular, is back.”
Acrisure will occupy the 9th floor, part of the 8th floor and 1,380 sq ft of terrace space along with access to 40 Leadenhall’s extensive amenity spaces.
Designed to be green in use, not just in design, it will be among the UK’s first buildings to achieve the NABERS certification – an energy efficiency standard that measures how a building is designed to operate and also how it performs in use. It will also be the largest office development to complete in the City of London in 2024.
The new letting is further evidence that tenant demand for grade-A office space continues to be buoyant, currently accounting for 95% of leasing in the City of London office market. In Q2 2023, some 70% of office space in central London was for prelet, newly-built or refurbished properties, up from 66% for the same period in 2022 and up 9% in the City.
Cushman & Wakefield, Knight Frank and Savills are office letting agents on the development; CBRE is retail letting agent on the property; Nuveen is development manager.
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Image © Make Architects
