Land Securities subsidiary City of London Real Property Co have prelet their 41,500-sq ft office scheme at 77 Gracechurch Street, EC3, at the asking rent of £40 per sq ft.
The tenants are the Continental Corporation, a major American insurance company, and the building will be occupied by Continental Insurance (Europe) and its subsidiaries. It will be the headquarters of Continental’s European insurance network and be the London office of Continental Life Assurance. Letting agents were Savills. Baker Harris Saunders acted for Continental.
The tenants are to occupy in November and have instructed BHS to dispose of up to 15,000 sq ft there that is surplus to requirements.
BHS will also be disposing of Continental subsidiary Union America’s lease on the third floor of 85 Gracechurch Street, which amounts to 7,100 sq ft. Continental Life’s offices in Devonshire House, Devonshire Row, EC2, are under offer through BHS. A further lease held by subsidiary MOAC on a ground-floor suite at 9-13 Fenchurch Buildings has been surrendered to Land Securities as part of the deal.
