As mentioned in a previous blog on londonoffices.com, global asset management firm Schroders Plc have finalised their shortlist and are now in talks to lease as much as 25% of office space available in London’s Pinnacle Tower.
Schroders is one of among five companies that are looking for 200,000 sq ft of office space in London and four developers are hoping to secure tenancy deals for roughly 2 million sq ft of office space.
A deal of this magnitude would provide a significant benefit to the team behind the Tower development, Arab Investments Ltd, as it would allow a loan of £750 million to be granted, which would ensure that the construction of the tower could continue.
Developers have thus carried out foundation works and site enabling; however require further finance to fully begin construction. This has yet to happen as in the two years of development, no company has shown full interest and commitment to leasing office space within the Pinnacle.
Managing director of Arab Investments, Khalid Affara, said, “We’re going out there saying we will be aggressive because we need the development finance. I’m confident I will sign a tenant to enable this project to continue.”
The Pinnacle Tower is a 63-storey skyscraper offering approximately 947,200 sq ft of office space. It began construction in 2008 and is expected to be fully completed in Q2 2012. Davies Arnold Cooper, international law firm are also in talks to rent approximately 60,000 sq ft of office space in the tower.