Italian insurer Generali’s real estate arm has announced its agreement to prelet three-quarters of its 430,000 sq ft City office scheme 120 Fenchurch Street , EC3, to M&G.
The fund manager will sign a 20-year lease at the development, consolidating its disparate London offices into a single building.
Nikhil Srinivasan, chief investment officer of the Generali Group and chairman of Generali Real Estate, said: “This development in the heart of London is a high-quality investment that demonstrates the group’s commitment to the City of London and to expanding its global property portfolio. I believe that the Fenchurch Avenue project, with its sympathetic design and outstanding facilities, will extend the prime core of the City of London while adding architectural value.”
The City of London’s policy and resources committee will today vote on whether to ratify a decision by the planning and transport committee to invoke compulsory purchase powers over a small part of the site which Generali has yet to agree the purchase of.
Former Weatherall Smith agent Giles Rooney’s Linville Ltd owns the long-leasehold interest in 118-119 Fenchurch Street and has thus far failed to agree its sale to Generali.
Generali’s scheme, designed by Eric Parry Architects, comprises 13 floors and includes around 25,000 sq ft of retail at street level, as well as a large public roof garden and restaurant.
CBRE advised Generali; Knight Frank advised M&G; Savills advised Linville.
jack.sidders@estatesgazette.com
