Heron Said to Secure First Tenant for City of London Skyscraper

Heron said to secure first tenant for London skyscraper
Heron International CEO Gerald Ronson stands at the top of the Heron Tower during the completion ceremony in London. Photographer: Jason Alden/Bloomberg

Gerald Ronson’s Heron International secured the first tenant for what will be the tallest tower in the City of London, a person with knowledge of the agreement said.

McDermott Will & Emery LLP, a Chicago-based law firm, will occupy the eighth and ninth floors of the 46-story Heron Tower, according to the person, who declined to be identified because the information isn’t public. It will pay 55 pounds ($84) a square foot for space in the skyscraper near Liverpool Street railway station, the person said.

Heron Tower is one of only two prime office buildings that’s due to be completed in London’s main financial district next year. The lack of space coming into the market caused the average rent for the best offices to increase by 5 percent in the second quarter to about 50 pounds a square foot, according to Jones Lang LaSalle Inc.

The tower forms part of a 1.5 billion-pound trio of City of London projects by London-based Heron, which includes a 36-story residential development next to the Barbican complex. The developer is also seeking permission for a 43-story building next to the Heron Tower that will include a Four Seasons hotel.

Henry Columbine, a spokesman for Heron, declined to comment. No one at McDermott Will & Emery’s London office was immediately available to comment.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE