The specialist insurance group Merkel International has agreed a deal to let a sizeable chunk of office space at what looks likely to become one of the most eye-catching buildings in the City of London.
Land Securities and the Canary Wharf Group (CWG) are behind the development of the relevant office tower at 20 Fenchurch Street in EC3 via a joint venture partnership. They both welcomed Merkel’s commitment, which will see its staff occupying 51,000 sq ft across the 26th and 27th floors of what is being billed as a ‘Grade A office infrastructure’.
The joint venture partners behind the project have been keen to talk up the technological and spacially efficient nature of the offices they intend to deliver at Fenchurch Street. They also reiterated the importance of the site’s location, being a virtual stone’s throw from the home of the insurance market Lloyd’s of London.
“We are delighted that we have been able to agree terms for such a prestigious building which will provide us with the perfect headquarters for our continued growth both in the UK and overseas,” said William Stovin, president and chief operating officer of Markel International.
“We’re incredibly excited to welcome Markel into its new London office and are pleased to see our building is creating the right environment to meet all of their occupational needs,” commented Colette O’Shea, head of development for Land Securities’ London portfolio.
The tower at 20 Fenchurch Street is expected to be completed in around two years’ time, with Merkel planning to move its staff into its new offices in the fourth quarter of 2014. Land Securities and CWG are hoping to see significant interest in the offices at the site over the coming quarters with relatively few similar developments currently in the pipeline in central London or other City locations.