Munich Re eyes up the skyscraper plot by the City’s Leadenhall Market

Munich Re, the largest reinsurer in the world, is in talks with Brookfield Property Partners about acquiring the One Leadenhall plot.

The site on the corner of Gracechurch Street and Leadenhall Street sits adjacent to Lloyd’s of London. The plot has approval for a 36-storey tower. The skyscraper, which is designed by Foster and Partners, will provide 540,000 square feet (sq ft) of office space, alongside 50,000 sq ft of shops and cafes on its ground floor. The design will also open up the entrance to Leadenhall Market from Leadenhall Street.

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The City of London Corporation approved plans for the tower last year following a consultation with the community, businesses, the City of London, the Greater London Authority and other stakeholders.

Construction on the project is due to start this year, when Amazon leaves its current offices in Leadenhall Court. The building is supposed to open in 2021.

Cushman and Wakefield is handling a possible sale of the plot to Munich Re, but a deal has not yet been agreed.

Munich Re and Brookfield declined to comment.