Lloyd’s of London says it wants to stay put

Lloyd’s of London has said that it hopes to stay in its iconic, but expensive-to-run, Richard Rogers-designed building. However, it said on July 8th that it would make a final decision later this year.

Earlier this year Lloyd’s said it was considering a move.

“Our preference is to stay in the building if the right terms are agreed,” a spokesperson said, adding that the market wanted to keep “a thriving physical space”.

The tower, with external lifts and service pipes, opened in 1986. Chinese insurer Ping An bought the building for £260m in 2013. The lease expires in 2031, although there is a break clause in 2026.

Lloyd’s was negotiating with Ping An and could stay beyond 2031, the Financial Times reported earlier on Friday, citing a person familiar with the matter.