INDUSTRY NEWS

Heron Tower finds second tenant

On of very few new office projects in the City to be scheduled for completion in 2011 has found a major new tenant. Landmark, the serviced office provider, has signed for 36,000 square feet out of the tower’s total of 440,000 square feet. Rent is thought to be around £62.50 per square foot: a record for this year, which has seen depressed prices.

Heron Tower, also known as 110 Bishopsgate, is due to open in February, and is the second tallest tower in London, after 1 Canada Square, standing at 202m, or 230m including its mast.

Four months ago Heron International found its first tenant in the law firm McDermott Will and Emery, which paid £55 per square foot for 25,000 square feet of office space. London has a dearth of developments promising new premises, and any recovery in the economy will see increasing competition for the remaining space.