Lloyd’s of London is edging in on a “long-term” deal to remain in its One Lime Street headquarters until 2041, 10 years longer than its original lease agreement.
Originally revealed by Sky News, nearly a year of negotiations with the insurance company’s Chinese landlord, Ping An, could soon come to an end as early as next week.
The One Lime Street lease is meant to expire in 2031, but conversations on an extension began earlier this year when it was seen as a sign it has rejected the post-Covid trend for homeworking.
A Lloyd’s spokesperson said: “As we have previously said, our preference is to stay in the building if the right terms are agreed. We will confirm our plans in due course.”
Real estate sources told Sky News Lloyd’s and Ping An have agreed to remove a break clause in the lease in 2026.
The year 2031 will bring a new agreement to replace the old one, in which annual rent increases could range from three to five per cent, the report said.