Walkie Talkie to smash City office records as top floor goes under offer

The top floor of the City's towering 20 Fenchurch Street – nicknamed the Walkie Talkie – is believed to have smashed new rental records, after it went under offer to a mystery firm, City PM can reveal.

 

 

The highest rent achieved in the City so far has been for the penultimate floor of British Land and Oxford Properties’ Leadenhall Building – also known as the Cheesegrater – for £90 per sq ft to Affinity Shipping. 

 

However agents at 20 Fenchurch Street, which is owned by Land Securities and Canary Wharf Group, are thought to have achieved over that price on its 34th storey, setting a new record. 

 

The 21,649 sq ft 34th floor of the Walkie Talkie is considered one of the best in the City, with the building's “piece de resistance” – a 51m wide, south-facing terrace, one level below the skysrcaper’s Sky Garden Terrace.

 

So far, the Walkie Talkie has mostly attracted insurers, including RSA, CNA Insurance Company and Hardy Underwriting Agencies.

 

However, the floor may have gone to a company based in the West End where rents are £150 per square foot now, making the Walkie Talkie look like a bargain. 

 

The average price for office space in the City is £65 per sq ft, however with firms' scramble to secure space in the capital, rents are expected to rise 12 per cent to hit £70 per sq ft by year end. 

 

CBRE and Knight Frank are joint leasing agents to the building.

 

All parties declined to comment.