(Reuters) – Lloyd’s of London hopes to stay in its financial district tower but will make a final decision later this year, the commercial insurance market said on Friday.
Lloyd’s said earlier this year that they are considering a move to their headquarters as they try to increase their levels of automation.
“Our preference is to stay in the building if the right conditions are agreed,” a spokesman said in an email, adding that the market wanted to maintain “a thriving physical space.”
“We are in the process of confirming our plans later this year.”
The tower, designed by British architect Richard Rogers, took eight years to build and was completed in 1986.
The building’s 14-storey external lifts and service lines have made it a landmark in London’s financial district, although in recent years it has been flooded with newer, taller skyscrapers.
“It’s the symbol of the market and the brand would suffer if they moved,” said a Lloyds market veteran.
The Chinese insurance company Ping An bought the building for 260 million pounds (312.26 million dollars) in 2013.
The lease expires in 2031 but there is a breach clause in 2026.
Lloyd’s negotiated with Ping An and could stay after 2031, the Financial Times reported earlier on Friday, quoting a person familiar with the matter.