British Land and Oxford Properties are pleased to announce that their 50:50 joint venture has exchanged a binding Agreement for Lease with Aon in the UK and Aon Corporation, for a pre-letting of 191,000 sq ft at The Leadenhall Building, London, EC3. The letting represents one third of the 610,000 sq ft office tower which is under construction for delivery in mid-2014.
Aon will occupy the lower 10 floors (levels 4-13) of the 47-storey building for an average lease term of 19 years to first break. Aon will also have options to take up further space totalling up to 85,000 sq ft on levels 14-18.
At 736 ft (224m) high, The Leadenhall Building will be a new icon for London and occupies a prominent position in the heart of the insurance market, opposite Lloyd’s of London. In August, the joint venture announced the appointment of main contractor Laing O’Rourke and construction is underway and on programme.
Including Aon, over 50% of British Land’s total £1.1 billion London office development programme, and 62% of its City developments, have now been pre-let in advance of completion between the end of 2012 and 2014.
Chris Grigg, Chief Executive of British Land said, “This significant letting to a leading global business is good news for the City and demonstrates the success of our commitment to creating well located world class buildings that provide long term value to occupiers. I am very pleased to welcome Aon to The Leadenhall Building and continuing our well established relationship with them.”
Paul Brundage, Executive Vice President, Senior Managing Director Europe of Oxford Properties said, “This deal is a great endorsement of Oxford’s investment in the Leadenhall Building and partnership with British Land. Oxford has an excellent global relationship with Aon and we are pleased to be able to expand on this in London.”
Robert Brown, CEO Aon Limited said, “We are delighted to have chosen The Leadenhall Building as our new London headquarters. The Aon Centre at The Leadenhall Building places us at the heart of the City’s insurance sector and the building’s impressive location and offices reflect our standing as the leading global professional services firm focused on risk and human capital management.
The UK, and indeed London, remain an integral part of Aon Corp's strategy. The decision to move to The Leadenhall Building confirms our commitment here and offers us an ideal platform to continue to grow our business and deliver the best of Aon to our clients."
Aon was advised by CBRE and British Land and Oxford Properties were advised by DTZ and Jones Lang LaSalle.