Out-Law News 1 min. read
05 Sep 2012, 5:23 pm
The building has been designed by Bill Pedersen at Kohn Pedersen Fox (KPF), the firm behind the design for the Heron Tower. The building is planned as WR Berkley's new European headquarters.
The tower will be 190 metres tall and will contain 564,385 square feet of commercial space, nearly 12,000 sq ft of retail and leisure space and an 11,000 sq ft public square. There will be entrances via Leadenhall Street and the new public square.
The public square will sit next to the existing precinct around the Willis Building and will have public seating, planting and space for public art and tables linked to a coffee shop on the ground floor. The coffee shop has been designed to echo “the 17th century origins of the specialist insurance markets at Lloyds Coffee House" said KPF according to a Construction News report.
Berkley is planning to finance the entire £500 million project from its balance sheet. Initially its London staff will occupy 25 per cent of the building, with the rest of the space to be let. The firm has said that companies have already expressed an interest in taking room in the building.
"The proposed development of 52-54 Lime Street is an integral component of our international growth strategy. With the continuing expansion of our operations here, it makes sense to invest in a landmark building which will provide a strong base for that growth," said founder and chairman of WR Berkley, William Berkley, according to the report.
"This major investment is a signal of our belief and confidence in London as the centre of the global insurance market. Creating a new European headquarters on Lime Street, alongside of some of the largest companies in the industry, is an affirmation of the City of London as the centre of the insurance and reinsurance industries," he said
Construction on the project is scheduled to start in 2013, subject to grant of planning permission. It is expected that the building will be ready for occupation in 2017.
