Lloyd's of London says it wants to stay in tower
(Reuters) – Lloyd’s of London hopes to stay in its financial district tower but will make a final decision later this year, the commercial insurance market said on Friday.
Lloyd’s said earlier this year it was considering a move for its headquarters, as it attempts to increase its levels of automation.
“Our preference is to stay in the building if the right terms are agreed,” a spokesperson said by email, adding the market wanted to keep “a thriving physical space.”
“We remain on course to confirm our plans later this year.”
The tower, designed by British architect Richard Rogers, took eight years to build and was completed in 1986.
The 14-story building's external lifts and service pipes have made it a landmark in London’s financial district, though in recent years it has been dwarfed by newer, taller skyscrapers.
“It’s the symbol of the market and the brand would suffer if they moved,” said one Lloyd’s market veteran.
Chinese insurer Ping An bought the building for £260 million ($312.26 million) in 2013.
The lease expires in 2031 though there is a break clause in 2026.
Lloyd’s was negotiating with Ping An and could stay beyond 2031, the Financial Times reported earlier on Friday, citing a person familiar with the matter.
