TfL 'not moving into Shard'

Office design news from Morgan Lovell

Published on 16-06-2010

The owner of the Shard in London - a skyscraper that will offer 586,000 sq ft of office space when completed - has backed out of a deal with Transport for London (TfL) for the organisation to become the property's first tenant.

Initially signed in 2006, the agreement has been scrapped, as market fluctuations and an increase in demand for office design space in the capital have driven up rents.

The deal had seen TfL secure 200,000 sq ft at £38.50. However, average rents in the City now stand between £50-65.

The Shard is forming part of the £2 billion London Bridge Quarter development by Sellar Property Group.

A spokesman for Sellar explained: "The market has moved considerably and the Shard is going to begin a more aggressive lettings campaign, but they will help TfL find new accommodation."

It stated that the architecture of the Shard has been inspired by the historic form of London's masts and spires.

Posted by Ian Johnson.