McKay Securities has prelet the entirety of 30 Lombard Street, EC3, to FTSE 100 wealth manager St James’s Place.
The company will occupy all 58,000 sq ft of the speculatively developed office, known as Aurum, on a 15-year lease with no breaks from January 2019.
Aurum is set across 11 floors and overlooks the 17th century Wren church in the City core. Practical completion is scheduled for this summer.
McKay acquired the long leasehold interest of the site in 1999 when it provided 36,000 sq ft, generating a rental income of £1.12m pa. Following a capital raise in 2014, McKay speculatively developed the property, having secured planning consent for a 62% increase in lettable area.
McKay said that a shortage of new, medium-sized office developments in the City core contributed to St James’s early commitment to the space.
Simon Perkins, chief executive of McKay, said: “There is something special about the history and presence of this internationally recognised City core location, which our development will both complement and benefit from.
“St James’s Place has secured one of the few new-build opportunities of this size, and these practical, as well as financial, constraints will continue to restrict occupier choice in the City core.”
Knight Frank and Savills acted for McKay. Doherty Baines acted for St James’s Place.
To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @ktomusk or @estatesgazette
