British Land has announced that it has agreed Heads of Terms with Oxford Properties, the real estate arm of the OMERS Worldwide Group of Companies, to develop the Leadenhall Building in the City of London, on a 50:50 joint venture basis.

Designed by Rogers Stirk Harbour and Partners, at 736 ft, the elegant tapering 47 storey Leadenhall Building is set to become one of the tallest and most iconic buildings in the City of London. Providing 610,000 sq ft of the highest quality office space in the heart of the Square Mile, it will combine spectacular public space, retail and leisure facilities with modern, flexible office space. The four storey landscaped public space at the base of the building, covering nearly half an acre, will be on a scale unprecedented in London.

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The efficient and adaptable floor plates, which range from 21,000 sq ft at the base of the building to 6,000 sq ft at the top of the tower, are already generating interest from a broad range of occupiers from across the insurance, financial, professional and corporate business sectors.

Detailed planning consent is in place and demolition and preliminary basement works have already been completed. The total development cost is expected to be around £340 million. On site construction will start immediately following the construction tender process which will commence in January 2011.

The final agreement is subject to contract which is expected to be signed by the end of the year.

(CD/GK)