Benson Elliot and Hobart Capital Partners have pre-let the entirety of The Mark, a circa 250,000 sq ft Grade A office development at 47–50 Mark Lane in the City of London, to insurance broker Lockton for the firm’s new HQ.
The company will relocate from the St Botolph Building, its London home since 2010, where it currently occupies circa 130,000 sq ft. The London office of Lockton Re, the global reinsurance business of Lockton, will also relocate to the new office.
The 12-storey development, which was designed by 3XN & Orms, will provide best-in-class office accommodation, terracing and new public realm, with practical completion targeted for Q1 2029.
Benson Elliot and Hobart Capital Partners are targeting BREEAM Outstanding, EPC A, WELL Platinum, and NABERS 5* ratings for the development.
EJ Hentenaar, CEO of Lockton Europe, said: “This is an exciting milestone for Lockton and a significant investment in our future. It reflects the support we have from our clients, the talent we continue to attract, and our shared belief with our global network on the importance of having a strong, independent broker in the heart of the vital London insurance market. This move underscores our ambition to keep growing and evolving, 20 years after we opened our first European office in London. The Mark will be our own brand new space where we can thrive, collaborate, and deliver the best for our clients. We’re looking forward to calling it home.”
James Jakeman, senior partner at Benson Elliot, added: “From the outset, our strategy was to create a best-in-class office scheme in EC3 while actively managing risk through shifting global capital market conditions. Achieving a full pre-let to Lockton ahead of completion is a defining outcome and reflects the strength of the underlying asset and positioning. With leasing secured, we are focused on disciplined execution through to delivery.”
Knight Frank advised the joint venture on the letting and Newmark and Savills advised Lockton.
