The Weekly Wrap
Fenchurch Street – LET
We are delighted to announce that the 5th floor offices
(2,208 sq ft) at 100 Fenchurch Street, EC3 has been let to Assured Food
Standards on behalf of M&G Real Estate.
The building is fully refurbished and located in the hub of
the Insurance district benefiting from close proximity to Lloyd’s of London.
For more information please contact Jack Wells (0207 456
0729) or Jon Beilin (0207 456 0727) at Newton Perkins.
eagles look for new nests
Law firms are expected to keep office leasing agents in
central London busy this year.
The slew of tenants considering their choices involve US law
firm Kirkland & Ellis who currently occupy approximately 110,000 sq ft in
the Safra-owned Gherkin, EC3. Rumour has it that Kirkland are looking for up to
170,000 sq ft and have short listed 1 Leadenhall – a 400,000 sq ft tower
redevelopment by Brookfield (albeit construction has not yet started on site).
Meanwhile, Baker McKenzie, currently located near Blackfriars
station at 100 New Bridge Street, EC4, is shortlisting relocation options. The
list is believed to include the proposed refurbishment of the former Royal Bank
of Scotland headquarters at 280 Bishopsgate, EC2, by CBRE Global Investments
and Arax Property, although there is no timeline for the launch and completion
of the refurbishment.
Covington & Burling has also been associated with a
potential move (from 265 Strand WC2) to either the 60 London Wall, EC2; a major
refurbishment by LaSalle Investment Management or 22 Bishopsgate, EC2; the AXA
Investment Management owned 1 m sq ft tower redevelopment which is pre-letting
In total, researchers have identified up to 2.5m sq ft of law
firm requirements; both active and under consideration.
Controversial tulip could still blossom in the City of London
An appeal has been lodged by the team behind the Foster +
Partners who designed the 305m tall tower. This comes after London Mayor Sadiq
Khan rejected the scheme plan that would dominate the City of London skyline.
If it wins the appeal, it could be the capital's
second-highest building – only one metre lower than the Shard.
It would also loom over One Canada Square in Canary Wharf,
which is actually London's second-largest hotel and it would surpass One
Undershaft as the tallest tower in the Square Mile.
The City of London Corporation had previously approved it and
said the development would contribute to its dream of the Square Mile as a
"vibrant" place to visit.
The Mayor criticised the building last July and said that its
height, design and appearance "would not contribute to the highest design
quality" required for a large building in the area.
the Central London office hit £ 4.9bn in Q4 2019 as a good return rate
Research shows that Q4 2019 was the most successful domestic
investment quarter since Q3 2013.
Central London office investment transactions totalled £4.9bn
in the fourth quarter of 2019, bringing the year-end total to £11.3bn.
The amount showed a rise of 125% quarter-on-quarter and was
on average with the final quarter of 2018.
£2.55bn transacted in December alone, indicating a return on
investors confidence following the conclusive results of the Parliamentary
Over the fourth quarter, a total of 16 transactions over
£100m were completed more than in the first three quarters of 2019 combined,
the biggest being the Post Building's £607.5m disposal in Bloomsbury. The
biggest deal for all of 2019 has been the £1.1bn sale of 25 Canada Square in
A large amount
of money was spent on repairing fire doors on its properties in the City of
London since Grenfell
Following the Grenfell Tower tragedy, the City of London Corporation
is spending £8.9m to replace fire doors on its housing estates.
Like other councils, it mounted a review of its fire doors
after the fire and discovered that "the front doors of many units did not
meet present standards and were a significant risk to the compartmentation of
Compartmentation is designed to prevent the spread of fire
all over a building. The new doors should be able to resist fire, with a
minimum of 30 minutes, for up to 60 minutes.
The Company said most front doors were the same as originally
installed and reached the end of their natural life. At the time it was
expected the timber doors would last from 20 and 30 years.
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