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Insurer signs for record City rent

By James Buckley - Thursday, October 30, 2014 7:00

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British Land and Oxford Properties have achieved a record rent for office space in the Square Mile this cycle, signing a global insurance firm on the 41st floor of the Leadenhall Building at a rent of £83.50 per sq ft.

Rhode Island-based mutual insurance company FMGlobal has signed to take the 7,679 sq ft floor in the City tower.

FMGlobal currently occupies 5,539 sq ft at 34-36 Lime St on a lease which began in March 2010.

The deal means occupiers have committed to 330,489 sq ft of the 610,000 sq ft building, taking it to 54.17% let.

The building, which at 224 metres is the tallest in the City of London, was designed by Rogers Stirk Harbour + Partners.

The tower already has commitments with international insurance broker Aon, which is relocating its global headquarters from Chicago, global speciality insurer and reinsurer Amlin, Servcorp, and Rothesay Life on a lease until July 2024.

British Land and Oxford Properties were advised by DTZ and JLL.

All parties declined to comment.

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