The City’s Walkie Talkie skyscraper is finally full after CISI snaps up last remaining floor
The developers behind the Walkie Talkie skyscraper have let the last remaining floor in the building two years after completion in a milestone moment for the City.
The Chartered Institute of Securities and Investment (Cisi) has agreed to take the third floor of the Rafael Vinoly-designed building at 20 Fenchurch Street at a rent of around £65 per square feet, City PM understands.
The final letting comes six years after Canary Wharf Group & Land Securities struck a £500m joint venture to develop the 690,000 square feet, 150m-high tower, in a move that marked a revival in development activity following the recession.
It was completed around the same time as British Land and Oxford Properties' Cheesegrater skyscraper on Leadenhall Street, with both skyscrapers vying for tenants and securing their fair share of insurance companies looking for space close the Lloyds of London building.
Walkie Talkie tenants include insurers RSA Group, Tokio Marine, CNA Financial, Allied World, Liberty Mutual's European operations and Kiln Group.
Read More: What's inside the Walkie Talkie?
Meanwhile the Sky Garden on the top three floors of the tower – levels 35 to 37 – has become a major attraction for Londoners and tourists thanks to its panoramic views of the capital and greenhouse-style decor, luring thousands of visitors each week.
The development of the building was not without its problems after City PM revealed three years ago that ultra bright rays being reflected from its windows had melted parts of nearby cars and left passers-by dazzled. It has since armed the southern facade of the tower with horizontal blades to stop sunlight striking the building.
Average rents for prime office space in the City jumped by around 10 per cent last year to reach around £70 per sq ft due to record low levels of supply.
However, tenants have paid significantly more to secure the top floors of the trophy skyscrapers, with commodities firm Castleton paying well above £80 per sq ft for the highest level of the Walkie Talkie last year.
The Cheesegrater set the record on City rents last year after letting the penultimate floor to Affinity Shipping for £90 per sq ft. Meanwhile Leonteq Securities, the IT company, is paying a similar amount for the 26th floor of the Shard at London Bridge, breaking another record for rents on the Southbank.
Canary Wharf Group, Land Securities, joint agents Knight Frank and leasing agents CBRE declined to comment.