The British Land Company and Oxford Properties, the real estate arm of the Ontario Municipal Employees Retirement System (OMERS) Worldwide Group of Companies, have signed a deal to develop the Leadenhall Building in London on a 50:50 joint venture basis. According to CBC News, the total development cost for the project is expected to be £340 million. The project will become one of the tallest and most iconic buildings in London offering 610,000 square feet of ofice space in the heart of Square Mile and will include a four storey landscaping public space at the base of the building.
“We are delighted to be announcing the development of the Leadenhall Building,” Chris Grigg, British Land's CEO, said Monday. “With its unique and iconic architecture, it is a building which will provide an unbeatable combination of style, presence, location and office floor space in the heart of the City of London.” Practical completion to shell and core is expected in Q2 2014.
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