Hogan Lovells secures a sustainable future for Lloyd’s headquarters

Hogan Lovells secures a sustainable future for Lloyd’s headquarters

Press releases | 20 December 2023

London, 20 December 2023 - The Lloyd’s insurance market will remain at its London headquarters One Lime Street, potentially to 2040, after agreeing a new lease with its landlord, the Chinese insurance company Ping An. Hogan Lovells’ award winning real estate team advised Lloyd’s on the complex deal which, includes a number of environmental improvements which will enhance the operational suitability of the Grade I listed building.

Under the new arrangements,  there will be a commitment to improving the building’s energy efficiency. The upgrades will take place in a planned process over the course of the next few years. 

Designed by Richard Rogers, the iconic building has been home to Lloyd’s since it was officially opened by the Late Queen in 1986 and is synonymous with Lloyd’s global reputation as the leading market for insurance and (re)insurance. The plans will see the redesign of workspaces across its 14 floors to ensure the insurance marketplace remains aligned with the needs and aspirations of its users.

The Hogan Lovells team advising on the deal included real estate partners Dion Panambalana and Paul Tonkin, Senior Associate Edward Newport and Associate Jocelyn Crockett. Support from across the real estate industry sector group was provided by construction partner Gillian Thomas and tax counsel Aaron Burchell. CMS acted for the Landlord. 

This is the latest in a clutch of high profile corporate leasing deals completed by Hogan Lovells this year.   

Paul Tonkin, Partner at Hogan Lovells said: “This deal was not just about securing a lease regear, Lloyd’s  wanted to ensure they could future proof both their business and the sustainability of the building which is something all twentieth (and some twenty first) century building stock owners and occupiers will need to consider.  

Terry Blacker, Head of Corporate Real Estate at Lloyd’s said: “This landmark deal enables us to “green” the iconic Lloyd’s building, competing with our neighbours on energy performance and continuing to provide a thriving place for our market to convene. I am extremely grateful to the team at Hogan Lovells for their commitment and support in getting the deal over the line.”