City of London ready for new office space skyscraper

[Published October 2010 and last updated June 2026] The City of London is set to see an iconic new office space building along its skyline in the 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 referred to as the Leadenhall Building but is generally 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 several financial industry and other major business operators reportedly interested in relocating 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 building in central London through a 50:50 joint venture.

Editor’s notes: Development completed in 2014, with it officially opening in July of that year.

The distinctive office building stands adjacent to the Lloyd’s Building, which is home to the insurance market Lloyd’s of London, making it attractive to companies within the insurance sector, including Amlin, Brit Insurance and AON – the latter renting the first 10 floors of the 45-storey building.

Companies from other sectors also occupy the property, including global flex space provider Servcorp, which operates private serviced offices, hireable meeting rooms, and coworking desk lounges there.

In April 2026, the Architects’ Journal reported that architects dMFK had completed a new circa 20,000-square-foot suite of end-of-journey facilities in the basement of The Leadenhall Building for the building’s 6,500 occupants.

The suite included space for 445 bicycles, including 51 E-bikes, two repair stations, dedicated locker, shower and parking facilities, a drying room, refreshment points and integrated concierge, laundry and towel services.