Minerva’s The Walbrook, EC4, may have secured its first tenant this week after insurer Arthur J Gallagher & Co went under offer for 60,000 sq ft.
Arthur J Gallagher & Co has settled on the scheme after a search which took in 8 Fenchurch Place, EC3, the Heron Tower, EC2, The St Botolph Building, EC3, and 99 Bishopsgate, EC2.
It is understood to be paying in the region of £45 per sq ft for the ground floor, which offers a separate entrance to the building. Minerva is understood to be quoting rents in the mid to high 50s for the seventh floor.
Arthur J Gallagher & Co’s move follows its acquisition of Heath Lambert last year, and will see the firm vacate the near 60,000 sq ft it occupies at 6 and 9 Alie Street, E1.
The deal comes more than two years after The Walbrook was completed and five months after the second shake-up of agents to the scheme, which saw Jones Lang LaSalle replacing CBRE to join Knight Frank.
CBRE was brought in to replace Cushman & Wakefield in 2009.
Jupiter Properties, the joint venture between Delancey and Area Property Partners, acquired the building as part of its £202m purchase of debt-laden Minerva in August last year.
The Walbrook has come close to securing several major tenants already, with Schroders agreeing to take 250,000 sq ft in the building last year before ending talks in December.
Last February, Spanish bank Santander came close to establishing a 200,000 sq ft HQ in the building, but failed to get board approval.
Investment manager BlackRock shortlisted the building for its 300,000 sq ft requirement in 2009, and Bloomberg, Nomura and the PRA all shortlisted the block for their relocation plans.
The news will bolster confidence in the moribund City letting market, coming on the back of the PRA’s move to occupy 150,000 sq ft at 20 Moorgate last month.
Drivers Jonas Deloitte advised Arthur J Gallagher & Co and the PRA; Jones Lang LaSalle and Knight Frank advise Minerva.
All parties declined to comment.
jack.sidders@estatesgazette.com
