Lori Zimmer

London's Gherkin in a Financial Pickle, Goes Up for Sale

by , 08/04/14
filed under: Architecture, News

green design, eco design, sustainable design, Norman Foster, The Gherkin London, Evans Randall, IVG, 30 St Mary Axe, Gherkin for sale, phallic architecture, The Gherkin for sale, Gherkin in a pickle, Swiss Re, London architecture,

One of London’s most recognizable modern landmarks, The Gherkin, is in a pickle of a financial situation. The modern masterpiece designed by Norman Foster fell short of finding viable tenants who could pay their debts. After owners Evans Randall and IVG failed to pay back their loans, the building itself, also known as 30 St Mary Axe, was turned over to financial firm Deloitte, which has listed the London landmark for a cool $1.1 billion.



green design, eco design, sustainable design, Norman Foster, The Gherkin London, Evans Randall, IVG, 30 St Mary Axe, Gherkin for sale, phallic architecture

The phallic tower has had a short, yet torrid past. The Gherkin was originally owned by Swiss Re, financed with a loan against the Swiss franc, which has since risen to much greater value than the dollar and pound, making the company’s debt expansive. Swiss Re (who is coincidentally still a rental tenant) sold the iconic tower to Evans Randall and IVG in 2007 and then they also defaulted in 2009.

Related: Vegas Court Rules to Tear Down Foster + Partner’s Ill-Fated Harmon Hotel

Fast forward to today and the 40 floor Gherkin is once again available. With 505,000 square feet of office space in the City of London center, the 10-year-old tower is expected to fetch around $1.1 billion, if not more. Aside from Swiss Re, the building still has 19 other tenants, including a reception hall for weddings.

But the Gherkin isn’t expected to be filled by another London company. Real estate agents anticipate interest from Middle Eastern or Asian companies, who will have the capital to back the sale. We hope the Gherkin’s future owner takes our lead, and decides to green-up the Foster icon.

+ Foster and Partners

Via Architizer

Related Posts

LEAVE A COMMENT

or your inhabitat account below

Let's make sure you're a real person:


1 Comment

  1. plasmatech August 4, 2014 at 2:57 pm

    I will make it self sustainable. http://www.endlessenergy.co.za/Summary

  • Read Inhabitat

  • Search Categories

  • Recent Posts

  • Recent Comments

  • Browse by Keyword

get the free Inhabitat newsletter

Submit this form
popular today
all time
most commented
more popular stories >
more popular stories >
more popular stories >
Federated Media Publishing - Home