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The City of London is set to see an iconic new office space building along its skyline in years to come as a joint venture arrangement has been announced by British Land and Oxford Properties.
Major construction work is expected to be completed by the second quarter of 2014 on what is officially being referred to as the Leadenhall Building but has generally been dubbed the Cheesegrater.
A total of some 610,000 square feet of central London office space is scheduled for construction on the Square Mile site, with a number of financial industry and other major business operators reportedly interested in moving to the new tower.
With relevant demolition work already completed, building efforts are expected to begin in the early months of next year and costs look set to be around £340 million, British Land has indicated.
The company’s chief executive Chris Grigg said: “With its unique and iconic architecture, it is a building which will provide an unbeatable combination of style, presence, location and office floor space in the heart of the City of London.
“Our partnership with Oxford Properties, brings together two world-class property companies with proven development and asset management expertise,” he added.
Oxford Properties is based in Toronto and is among the largest real estate businesses in North America, while British Land boasts one of the largest commercial property portfolios in the UK.
Last week, a deal was agreed between Land Securities and the Canary Wharf Group to establish a £500 million 37-storey office space building in central London through a 50:50 joint venture partnership.