The 24-story office tower, designed by Foster and Partners, is to be completed by the end of 2006 to meet Willis' timetable. The development will be directly opposite the Lloyd's Underwriting Centre, at the heart of the city's insurance district.
Terms of the deal have not been released, but city agents say that as an indication of the current state of the market for large buildings, Land Securities last week put its 10 Gresham St. development on the market with quoting terms of £45 ($85) per sf. And a rent free period of as much as three years could be negotiated on a 25-year lease.
British Land chairman John Ritblat says British Land will undertake the development in association with Stanhope. "This is a vote of confidence in Lloyds and the city. It also endorses our policy of securing the best sites in the city and offering occupiers buildings of the highest quality," he says.
And Joe Plumeri, chairman of the Willis Group, adds: "The Willis Building will be truly iconic, with a fantastic working environment and the latest technology. And, it puts us precisely where we belong--at the heart of the insurance capital of the world. Along with Lloyds, Willis will define the 'Insurance District.'"
Atis Real Weatheralls advised Willis. Cushman & Wakefield Healey & Baker and DTZ advised British Land.
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