Lloyd’s of London strikes deal with Ping An to stay at iconic City HQ until 2035
Lloyd’s of London has struck a new deal with Chinese insurer Ping An to remain at its One Lime Street headquarters until 2035, four years longer than its original lease agreement.
Lloyd’s said the lease extension would let it keep renovating workspaces, with both parties agreeing to invest in decarbonising and improving the energy efficiency of the building over the next five years.
The building currently holds an energy rating of E, which is considered below average.
Lloyd’s occupancy of the building was put in doubt last year as firms debated post-pandemic working practices.
However, the insurer earlier this year began negotiations for an extension of the lease’s expiry from 2031 to 2035 in a sign it has rejected the post-Covid trend for homeworking.
The parties were previously in talks to extend the lease until 2041, it has been reported.
Ping An has owned the building since 2013 after buying it from Commerzbank for £260m.
The grade I listed building is cited by Historic England as having “boldly expressed services and flexibility of plan throughout the impressive exterior and interior”.
“The Lloyd’s building holds a special place in our market’s collective consciousness,” said Lloyd’s chair Bruce-Carnegie Brown.
“The changes we’ve made to the ground floor this summer signal the start of our ambitions – but there’s more to come, and we’ll be redesigning other spaces in the Lloyd’s Building to support our market’s collaboration and innovation.
“We’ll continue to monitor how the changes are working so One Lime Street can remain the iconic and dynamic space our market and customers need it to be.”