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British Land Signs Willis Group in 420,000-SF City Pre-Letting

LONDON-Global insurance broker Willis Group Holdings has signed one of the City of London's biggest pre-lettings for two years at British Land's 420,000 sf 51 Lime St., London EC3.

By Graham Parker | Updated on March 10, 2004

LONDON-British Land has pulled off one of the City of London’s biggest deals of the decade so far, with global insurance broker Willis Group Holdings taking a pre-letting on the 420,000 sf 51 Lime St., London EC3.

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.

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