Member Article

Current occupants expand as Cheesegrater reaches full capacity

British Land and Oxford Properties, co-developers of the Leadenhall Building in London, have announced that two current tenants are to expand, bringing the tower to full capacity.

Kames Capital, MS Amlin and Rothesay Life, all current occupants of the building, have agreed to take up the last remaining three floors between them, with two of the three transactions occurring after the EU referendum.

Asset management group Kames Capital have taken an 11 year lease on over 7,000 sq ft of office space on floor 43, the highest still available, while insurer MS Amlin have taken a further 13,000 sq ft on level 27 to complement the 93,000 sq ft it has leased since 2013.

In the final transaction, Rothesay Life, who currently reside on level 25, have agreed to take the 11,000 sq ft of space on floor 32 which will bring its total floorspace up to 25,000 sq ft.

Head of Offices and Residential at British Land, Tim Roberts, said: “This is a significant milestone, and underlines that our decision to hold our nerve early in the cycle and attract lettings on the upper floors post-completion was the correct one.

“Moreover, to receive commitments from occupiers so soon after the EU Referendum is not only a tremendous endorsement of the building; it underlines the enduring appeal of London.”

The Leadenhall Building, nicknamed the cheesegrater due to its distinctive appearance, is a 45-floor skyscraper and one of the capital’s most recognisable buildings.

Offering over 610,000 sq ft of office space, since opening the Rogers Stirk Harbour + Partners designed has attracted some of the largest City of London rents ever.

Chris Carter Keall, who is Vice President and Head of Asset Management at Oxford Properties, believes today’s expansion agreements attest to the success of the firm’s leasing strategy.

He added: “The initial large scale transactions underpinned the development. Post-completion, the focus has been on attracting a broad cross section of occupiers who value service and an active engagement with owner. It is therefore very pleasing to have concluded these transactions with existing occupiers.

“We look forward to continuing to add to the amenity at the building with a new restaurant and retail in 2017.”

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