In a joint venture, Land Securities and Canary Wharf Group have completed on an agreement to build the ‘Walkie-Talkie’ skyscraper, located at 20 Fenchurch Street. In the period May to July 2010, office rents have increased by 12 percent, reflecting the call for new office space in the Square Mile. The 37 storey skyscraper is poised to meet that demand; when complete, it will offer 690,000 square feet of London office space in the heart of the City.
Land Securities and Canary Wharf Group – which has a parent company, Songbird – will take a 50:50 stake in the venture. Songbird’s largest stakeholders, Morgan Stanley Real Estate, Qatar Holdings and China Investment Corporation, will buy 70 percent of the Canary Wharf Group’s commitment in the £500 million build.
The three companies will then have and overall stake of 35 percent in the scheme. Canary Wharf Construction will manage the build, which is expected to be completed in 2014.
Image: 20 Fenchurch Street. Flickr (Matthew Black)