See examples of offices to rent in the City of London
The insurance company’s commitment represents a significant coup for the project’s co-developers. The square footage involved equates to just over half the overall size of the offices that are to be created. Stanhope, which has developed dozens of buildings in central and Greater London, noted that the remaining 84,000 sq ft of offices at its Mark Lane site remain available for rent.
Demolition work began recently at the relevant site to prepare for the planned 16-storey office tower, which is set to be completed by the fourth quarter of 2014. Stanhope and Mitsui Fudosan acquired the building being demolished from Schroder Property Investment Management in November 2011 for £19.5 million.
A statement about the development released by Stanhope following Miller’s commitment said: “The island site, located on the Fenchurch Street Station forecourt, enjoys magnificent views over the Tower of London and Tower Bridge. Designed by Bennetts Associates, the scheme allows tenants to save overheads by occupying the space higher than the average density.”
Miller Insurance employees will occupy the first six floors of the City of London office tower, which developers have said will target a BREEAM excellent rating based on its sustainability credentials. The City of London is set to see a string of new office towers emerge onto its skyline in the coming months and years as the likes of the ‘Cheesegrater‘, the ‘Walkie-Talkie‘ and the ‘Scalpel‘ all take shape and draw closer to completion.
Editor’s notes: 70 Mark Lane was completed in December 2014, delivering 170,000 square feet of prime office space in the EC3 Insurance district of the City of London.
As of August 2024, Miller Insurance Services was still in occupation, as were others within the insurance industry, including Zurich Insurance.
Flexible workspace operator Orega also took space within 70 Mark Lane, providing a wide range of flexible office space and workspace solutions, such as ready-to-let serviced offices and co-working spaces that offer agile alternatives to traditionally leased offices.
In October 2024, it was announced that Stanhope and Aroland Holdings had submitted plans for their 1 Undershaft proposal.
The development would be located between the Leadenhall Building and the Gherkin. It would feature a podium above St Helen’s Square and deliver 1.66m sq ft of commercial office space, including co-working facilities for small and medium-sized businesses.
In February 2025, it was reported that Stanhope and Ontario Teachers’ Pension Plan (OTTP) had been granted planning permission from the City of London Corporation for a major retrofitting project of the former M&S HQ at 70 Gracechurch Street.
The scheme would involve transforming the current seven-storey building into a 33-storey sustainable tower offering circa 550,000 square feet of premium office space.
Work on the tower was due to be completed by summer 2032, with work expected to start in 2028.