The City of London Corporation has approved plans for the 35-storey “Scalpel” tower on Lime Street, EC3.
The plans, submitted by US insurance giant WR Berkley, will now be referred back to the mayor of London, who has two weeks to rubberstamp the decision.
The 576,190 sq ft office-led tower at 52-54 Lime Street will provide a new HQ for the insurer, which is likely to take around 140,000 sq ft.
Designed by architect Kohn Pedersen Fox, it will be 190m tall with floorplates ranging from 9,000 sq ft to 22,000 sq ft.
Work on the scheme could start as early as this year with completion anticipated in 2017.
The plans were recommended for approval by City planning officer Peter Rees.
WR Berkley is working with a development partner, Property Group Partners – formerly Louis Dreyfus Property – which is led by Jeffrey Sussman, to deliver the project.
William R Berkley, chairman and chief executive of WR Berkley, said: “We plan to build on London’s rich heritage in the insurance sector by creating a fantastic new headquarters for our European business in the heart of the City of London. We are acting as financier, developer and occupier so these plans represent a real, financial and physical commitment to London. Today’s decision moves us a step closer to making our plans a reality.”
Andrew Reynolds, vice-president of UK property at WRBC Services, said: “This is a major milestone towards delivering a big investment in the City. It reflects our very positive relationships with the City of London and the site’s neighbours so far. We look forward to the next steps as we aim to begin work on site before the end of the year.”
Mark Boleat, chairman of the policy and resources committee of the City of London Corporation, said: “WR Berkley is one of the world’s leading insurance holding companies and we welcome its decision to invest in the heart of the City of London. The City is the global hub for the insurance sector and WR Berkley’s investment plans are another major vote of confidence in the City’s status as Europe’s financial capital.”
DP9 advised on planning; DTZ is letting agent.
jack.sidders@estatesgazette.com
