Lloyd’s Register has put its headquarters at 70 Fenchurch Street on the market and plans to relocate to its neighbouring historic premises, returning to the building originally constructed for the society in 1901.
The maritime classification and compliance group has instructed CBRE Group Inc. to handle the sale of the Rogers Building, with an asking price of approximately £90 million (US$116 million), according to sales documents reviewed by Bloomberg.
The 14-storey office spans more than 200,000 sq ft (18,581 sq m) and was designed by the late architect Richard Rogers.
Lloyd’s Register intends to vacate the Rogers Building later in 2025 and consolidate its London operations within the adjoining Collcutt Building, also referred to as the Lloyd’s Register Building. The Collcutt Building, which originally opened in 1901, has recently undergone refurbishment and modernisation.
A spokesperson for the Register said the organisation has significant historical ties to the Collcutt Building and will be re-establishing it as its London headquarters. All employees currently based at 70 Fenchurch Street will transfer to the refurbished property.
According to CBRE, the property offers potential for redevelopment into updated office space amid limited new supply in the central London market.
Lloyd’s Register’s sibling, Lloyd’s of London, also considered a major office move on its own, though these supposed plans have not materialized.
In March 2020, as COVID-19 escalated, Lloyd's transitioned to remote operations, closing its underwriting floor and enabling syndicates to work from home. This shift prompted a re-evaluation of their workspace needs.
By early 2021, reports indicated that Lloyd's was considering moving out of its iconic Richard Rogers-designed headquarters at One Lime Street, reflecting the pandemic's impact on office utilization and a broader shift towards flexible working arrangements.
However, by late 2024, Lloyd's committed to retaining its One Lime Street location until at least 2035, despite the evolving work patterns post-pandemic.
The global insurance marketplace recently reported a lower profit before tax for the prior year, coinciding with a rise in claims ratio attributed to several large-scale catastrophe events.
Office investment in central London reached £6.4 billion in 2024, showing only a slight rebound from the post-financial-crisis low recorded the previous year, based on figures from Savills Plc. Following a subdued period attributed to higher interest rates since 2022, several owners of prime office assets are preparing for disposals in anticipation of renewed demand.
Lloyd’s Register shares a common origin with Lloyd’s of London, both having been established in the same London coffee house in the 18th century.
Lloyd’s Register occupied the Collcutt Building for several decades following its completion, acquiring six neighbouring office properties over time to accommodate expansion. The organisation moved into 70 Fenchurch Street in the late 1990s.
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