Asset manager signs at M&G’s 40 Leadenhall
Alternative asset manager iSAM has agreed to lease one of the few remaining floors at M&G’s 40 Leadenhall, EC3, at a rent significantly higher than would have been agreed when the floor was previously under offer to the insurer Allianz UK.
Ahead of a move out of its current base at 100 Bishopsgate, EC2, iSAM has agreed take the entirety of the 37,376 sq ft seventh floor in M&G’s 900,000 sq ft development. The company has agreed to pay a rent between £100 and £110 per sq ft.
According to a source close to the deal, the floor had previously been part of the space under offer to Allianz UK before the deal fell through last year, with the rent for the floor set to be around £80 per sq ft at the time.
Alternative asset manager iSAM has agreed to lease one of the few remaining floors at M&G’s 40 Leadenhall, EC3, at a rent significantly higher than would have been agreed when the floor was previously under offer to the insurer Allianz UK.
Ahead of a move out of its current base at 100 Bishopsgate, EC2, iSAM has agreed take the entirety of the 37,376 sq ft seventh floor in M&G’s 900,000 sq ft development. The company has agreed to pay a rent between £100 and £110 per sq ft.
According to a source close to the deal, the floor had previously been part of the space under offer to Allianz UK before the deal fell through last year, with the rent for the floor set to be around £80 per sq ft at the time.
City rents have been on the rise recently as demand for the best tower space outstrips supply.
With insurer PIB Group on track to set a City record of £130 per sq ft at BrookfieldProperties’ One Leadenhall, EC3, the upward pressure seems set to continue.
Agents Savills and Devono have already predicted rents could continue to rise as far as £150 per sq ft.
Allianz has since announced that it has agreed to take the entirety of the former WeWork building at 15 Bishopsgate, EC2, which amounts to 54,000 sq ft. A move is expected towards the end of 2025.
Allianz’s search for a new space came ahead of the redevelopment of its current office at 60 Gracechurch Street, EC3, where Obayashi Corporation and Sellar received planning permission to build a 36-storey tower in December.
Cushman & Wakefield, Knight Frank and Savills are leasing agents for 40 Leadenhall.
Just the 12th floor and part of the first floor remain up for grabs after flex operator Huckletree announced it had secured a management agreement for 50,000 sq ft across the building’s second and part-first floors earlier this month.
Image © Make Architects
