There have been weeks of speculation about who Land Securities would team up with on the so-called Walkie Talkie project, but it now appears as if CWG, which is 70 per cent owned by Songbird Estates, will take up the position.
According to a Reuters report, the deal suits both parties, with CWG keen to maintain a presence in the rebounding City of London office market, while Land Securities aims to reduce its risk on the planned Fenchurch Street development.
Harm Meijer, an analyst with JPMorgan, is quoted as saying: “It looks to be a winning combination…for CWG they can diversify from the Canary Wharf district and for Land Secs they will be working with a developer that has one of the best construction records.”
Planning permission has already been granted for the so-called Walkie Talkie project, which is expected to see around two-thirds of a million square feet of new London office space made available before the end of 2014.
The scheme would see Land Securities add to its existing office space portfolio, which accounts for a major chunk of the 29 million square feet of commercial property it owns and manages across the UK.
Editor notes: The Hong Kong food company Lee Kum Kee Group (LKK Health Products Group) purchased 20 Fenchurch Street, also known as the Walkie-Talkie, from Land Securities and Canary Wharf Group for £1.3 billion.
As of June 2026, being in the heart of the City of London’s EC3 Insurance District, many of the occupiers of 20 Fenchurch Street are from the insurance sector, including Ascot Underwriting, CNA Hardy, Markel Corporation, and Tokio Marine Kiln.
Although some are from the financial sector, including Castleton Commodities International and Vanquis Bank, and the legal sector, including DWF
There is also a mix of landlord- and tenant-controlled office space available to rent at the property, including high-quality plug-and-play, fitted offices.