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British Land is to demolish UBS's offices at 4 and 6 Broadgate near Liverpool Street station, and erect a 65,000 sq m (700,000) sq ft building with four trading floors. The Swiss bank will occupy the new building and has agreed an 18-month rent-free period and will then pay £54.50 per sq ft. The new 5 Broadgate will cost £340m to construct. British Land and Blackstone plan to start building in the middle of 2011 and hope to finish in 2014. British Land is also in negotiations with potential tenants for its planned 122 Leadenhall Street tower, known as the Cheesegrater. - (03-08-2010)
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The Gherkin (otherwise 30 St Mary Axe) in London, EC3, has been acquired by IVG Asticus, the German fund, and Evans Randall, the private investment bank, from Swiss Re for about £630m, and initial yield of around 4.25%. IVG is thought to be making its 50% stake open to private investors and Evans Randall will place its stake with institutional investors. Both firms are understood to be retaining a 10% stake. - (06-02-2007)
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Swiss Re is said to be in exclusive talks with IVG Asticus, the German property group, to sell 30 St Mary Axe, 'the Gerkin", in London, EC3. The reinsurer is thought to have had over 50 expressions of interest in the buildng and the present deal could be finalised in early 2007. Offers are believed to have almost reached £600m. - (05-12-2006)
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Swiss Re has put 30 St Mary Axe, London, EC3, otherwise known as The Gherkin, up for sale. It is thought that the iconic 40-storey building could achieve a sale price of over £550m. Swiss Re is being advised by DTZ and Eurohypo. - (18-09-2006)
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British Land has sold the Swiss Centre in Leicester Square, London WC2, to Northern Irish property developers McAleer & Rushe for a reported £47m. The most likely fate for the striking, but ugly, 9,300 sq m (100,000 sq ft) building is redevelopment into a mixed-used office and leisure complex. The new building is likely to include a hotel and recently the Irish hotel chain Jurys Doyle was linked to the site. It is worth noting that McAleer is Jurys regular contractor for its UK based hotels and should McAleer included a hotel in its plans then it is not unreasonable to hazard a guess as to who the operator will be. McAleer is declining to comment at this early stage. Jones Lang LaSalle represented British Land. - (25-10-2004)
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The Swiss Re building at 30 St Mary Axe, London, EC3, otherwise known as the Gerkin, has won 55 per cent of the public votes in a BBC poll on what should win the RIBA Sterling Prize for architecture. The Imperial War Museum North in Manchester was in second place. The winner will be announced on October 16. - (08-10-2004)
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The Swiss Re building, otherwise known as the ‘Gherkin’, in the City of London, has been shortlisted for the first London Planning Awards. The awards, run jointly by London mayor Ken Livingstone, London First, and the Royal Town Planning Institute, aim to highlight outstanding planning achievements in London. The Swiss Re building was designed by Foster & Partners and submitted for the award by Montagu Evans. Paddington Waterside Partnership is on the shortlist for the best community or partnership initiative category. - (31-10-2003)
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TrizecHahn, the Toronto-based property investment company, and Rugby Estates, backed by UBS, the Swiss Bank, and Hilstone, the developer, are said to be shortlisted to compete to buy Taylor Woodrow's St Katherine's Dock development in London E1. The bidding for the 1970's development is said to be close to the asking price of £250m. The development comprises mainly residential units but includes a site with planning permission for a 16,722 sq m (180,000 sq ft) office scheme known as K2. Other losing bidders are said to include Marylebone Warwick Balfour, the property company, with JE Robert and Greycoat; Catalyst Capital with Blackstone, and Lehman Brothers, the US funds; and CIT. - (15-10-2001)
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English Heritage in its new statement 'Guidance On Tall Buildings' discourages tall buildings in historic areas of London and suggests better locations are those such as Canary Wharf, Stratford and Croydon. The report has been produced jointly with the Commission for Architecture and the Built Environment (CABE). The statement says "the overriding consideration will be whether the location is suitable for a tall building in terms of its effect on the historic environment. If not, then no tall building will be acceptable, however good the design". This seems to reverse previous thinking that allowed the Baltic Exchange to be demolished to make way for the Swiss Re tower. The report reinforces the current St Paul's protected view and is for maintaining views from royal parks. In the same report CABE says that first-class design should be paramount and that an exceptional scheme could override other considerations. - (12-06-2001)
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Swiss Re can now progress the development of its new headquarters at the Baltic Exchange site in St Mary Axe, London EC3. Save Britain's Heritage withdrew its application for a judicial review to try and stop the redevelopment plans in the light on new evidence. - (15-10-2000)
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