Joint venture is completed to build Leadenhall building.
Cheesegrater building to go ahead thanks to joint venture.
British Land have announced the completion of a joint venture agreement with Oxford Properties to develop the 224 metre tall Leadenhall building in the Heart of London.
This news comes after constant delays to the project that have stalled it for some time. Oxford Properties are one of North America’s largest commercial real estate investors and they have invested in properties all over the globe.
The development has been nicknamed the ‘Cheesegrater Building’ due to the office’s slanted and sharp design. Before Oxford Properties signed up to the project the total number of people working on the office development was five.
The building is set to span 47 stories and is expected to cost around £340 million to construct, plans for the project now estimate it will be fully completed by 2014.
“We believe that the Leadenhall Building will provide the City of London with a unique combination of iconic architecture with world-class public and office spaces,” commented Chris Grigg, chief executive of British Land.
Recently British Land have also made commitments to start construction of £1.5 billion worth of office space through a London office building programme, the project began in November this year.
The Cheesegrater building was due to be completed in 2011 but the recession and the announcement of 35 redundancies at RSP put the plans on hold. However, these new developments look to be the positive re-enforcement that the project has needed for some time.