Ascot to move into 'Walkie-Talkie' tower

Lloyd’s of London syndicate Ascot has become the latest tenant to sign up for the new ‘Walkie-Talkie’ tower.

The insurer, which has taken 29,429 sq ft on the 33rd floor, joins RSA, which announced it would be moving its headquarters to the 38-storey building at 20 Fenchurch Street.

Insurers Kiln Group, Markel and Ascot Underwriting are all at various stages of agreeing deals to move into the building.

The building is now 23% let 18 months ahead of its completion, with landlord Land Securities shrugging off fears over the capital’s office lettings market.

Ascot chief executive Andrew Brooks said: “We are delighted to have secured the 33rd floor of 20 Fenchurch Street, with the help of Savills and the development team. This iconic new building is a perfect fit for Ascot’s dynamic, entrepreneurial approach to our business and our new office will accommodate and complement our business as it continues to grow.”

Canary Wharf Group’s head of leasing Richard Archer said: “The completion of yet another pre-let about 18 months ahead of completion is testament to both how well timed and well designed 20 Fenchurch Street is as a development. Ascot can look forward to world-class flexible office space in what will become one of London’s most distinctive and visually appealing buildings.”

Land Securities chief executive Rob Noel said at the announcement of his company’s half-year results: “All our London buildings are ahead of plan. The issue is that the investment banks are dormant at the moment, and the ones with big trading operations aren’t looking for space. But there’s more to London than investment banks. Lawyers are taking space, other corporates are taking space in the West End.”

The Walkie Talkie tower faces competition from the ‘Cheesegrater’ at 122 Leadenhall Street, which has let one-third of its space ahead of its completion in the third quarter of 2014, and the Heron Tower, which was finished last year and is one-third let.

Aon, which is moving its corporate headquarters to London, announced its move to the Cheesegrater in May last year.

The broker is taking up 10 floors of the building, which will be known as The Aon Centre, from early 2015.