Developer British Land has signed a deal with Oxford Properties, the real estate arm of the Ontario Municipal Employees Retirement System pension fund (OMERS) to develop the City of London building, in a 50:50 joint venture.
The building, designed by Rogers Stirk Harbour and Partners, will stand 224m (736ft) high, making it one of the tallest in the City, offering 610,000 sq ft of office, retail and leisure space on 47 storeys. Floor plates range from 21,000 sq ft at the base of the building to 6,000 sq ft at the top of the tower.
The four storey landscaped public space at the base of the building, covering nearly half an acre, will be on a scale unprecedented in London, the developer says.
Detailed planning consent is already in place and demolition and preliminary basement works have already been completed. The total development cost is expected to be around £340 million. On site construction will start immediately following the construction tender process which will commence in January 2011. Practical completion to shell and core is expected in Q2 2014.
The final agreement is subject to contract which is expected to be signed by the end of the year.
British Land chief executive Chris Grigg said: "We are delighted to be announcing the development of the Leadenhall Building. With its unique and iconic architecture, it is a building which will provide an unbeatable combination of style, presence, location and office floor space in the heart of the City of London. Our partnership with Oxford Properties brings together two world-class property companies with proven development and asset management expertise."