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Benson Elliot and Hobart Capital Partners have pre-let the entirety of The Mark, a 250K SF, Grade A office development at 47-50 Mark Lane, to insurance broker Lockton.
Lockton will relocate from the St Botolph Building, its London home since 2010, where it currently occupies approximately 130K SF. The move doubles its London footprint and establishes a London headquarters for Lockton’s international regions, supporting its businesses outside of North America.
The London office of Lockton Re, its global reinsurance business, will also relocate to the new office.
The development is being delivered by a joint venture between Benson Elliot, the European real estate private equity arm of MetLife Investment Management, and Hobart Capital Partners, which is acting as development manager.
The Mark has a triple frontage overlooking the Tower of London and Tower Bridge. The 12-storey development, designed by 3XN & Orms, is targeting BREEAM Outstanding, EPC A, WELL Platinum, and NABERS 5 Stars. Practical completion is targeted for Q1 2029.
“From the outset, our strategy was to create a best-in-class office scheme in EC3 while actively managing risk through shifting global capital market conditions,” James Jakeman, senior partner at Benson Elliot, said in a statement.
“Achieving a full pre-let to Lockton ahead of completion is a defining outcome and reflects the strength of the underlying asset and positioning. With leasing secured, we are focused on disciplined execution through to delivery.”
The St Botolph Building is owned by German investor Deka, which bought it for more than £400M in 2014. It now has a 130K SF vacancy to lease.
Knight Frank advised the joint venture on leasing. Newmark and Savills advised Lockton.
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