British Land pre-lets London development The Leadenhall Building

British Land has signed a deal to pre-let its London development, The Leadenhall Building, a joint venture with Oxford Properties.

The company has exchanged a binding agreement for lease with Amlin to pre-let 111,000 square feet (sq ft) of the office building, representing 20% of the total space.

The 610,000 sq ft tower is currently under construction and on track for completion in mid-2014.

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Amlin will occupy levels 18-24 and level 45 of the 47-storey building on 20-year lease terms with tenant break options. It provides an average lease term of 14 years to first break.

Average rent will be £62.75 per sq ft. Amlin also has options to take up further space to 36,760 sq ft.

The Leadenhall Building is more than 51% pre-let following the agreement.

"This significant second letting confirms The Leadenhall Building as a world-class building," said Chief Executive of British Land, Chris Grigg.

"We are very pleased to be in business with a company of the standing of Amlin, a market leader in the insurance sector."

RD