The largest reinsurer in the world, Munich Re, is currently having discussions with Brookfield Properties about the acquisition of the One Leadenhall plot.
The site that is located on the corner of Gracechurch Street and Leadenhall Street sits adjacent to the Lloyd’s of London. The said plot has an approval for a tower that has 36 storeys. It will provide 540,000 square feet (sq ft) of office space that is alongside 50,000 sq ft of cafes and shops on its ground floor. The said design will also open up the entrance from Leadenhall Street to the Leadenhall Market.
The City of London Corporation approved the plans for the tower in 2017 after a consultation that was conducted with the community, the City of London, businesses, the Greater London Authority, and some other stakeholders.
The construction of the project is scheduled to start later this year when Amazon vacates its current offices in Leadenhall Court. The building is scheduled to be opened in 2021.
Cushman and Wakefield are handling the possible sale of the plot to Munich Re. However, a deal has not yet been agreed upon.
Brookfield Properties and Munich Re declined to comment regarding the matter.