Nuveen’s scheme at 70 St Mary Axe in the City of London, EC3, has recently completed.
Providing 311,000 sq ft of space across 21 storeys, the semi-elliptical scheme is already around a third let to law firm Sidley Austin on a rent reported to be in the high £60s per sq ft.
Sidley Austin agreed to prelet the space early last year, reflecting the continuing strong demand from occupiers for new-build space. According to Radius Data Exchange, nearly half of the circa 15m sq ft currently under construction in the capital is prelet.
The building, also known as the Can of Ham, features a reception curated with bespoke furnishings to create a private club feel. This will also be echoed in the décor in the basement, which houses 328 bike places, 360 lockers and 32 showers.
It has been a long time in the making, though, with the original scheme dreamt up by Foggo Associates on behalf of Targetfollow achieving planning approval in 2008.
Nuveen, then known as TH Real Estate, which already owned a site next door, acquired Targetfollow’s site at 60 St Mary Axe in 2011 for a reported £20m after parts of Targetfollow’s business entered administration.
The plans for the distinct building were then revived in 2014 by its new owner after the sole tenant of 60 St Mary Axe, Threadneedle Asset Management, agreed to exit its lease early, with contractor Mace appointed to build the project in early 2015.
BH2 and JLL are the leasing agents on the building for Nuveen. Clifford Chance also advised Nuveen on its prelet to Sidley Austin.
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