The iconic Lloyd’s building will continue to play host to the subscription re/insurance market for at least another decade, after a deal with its Chinese owner.

Lloyd’s announced the extension of its One Lime Street tenure until at least 2035, with an extension option to 2040.

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The agreement with Chinese Insurer Ping An, which has owned the historic grade I listed building in London since 2013, marks an important commitment by Lloyd’s to remain at its iconic headquarters in the heart of the London insurance marketplace.

“The Lloyd’s building holds a special place in our market’s collective consciousness,” said Lloyd’s chairman, Bruce Carnegie-Brown.

The lease extension will enable Lloyd’s to continue renovating workspaces and make further internal refurbishments to upper galleries and common spaces, “part of ongoing commitments to creating a workplace fit for the future”, the market said.

An important element of the lease terms is the agreement between both parties to invest in decarbonising and improving the energy efficiency of the building over the next five years.

“The changes we’ve made to the ground floor this summer signal the start of our ambitions – but there’s more to come, and we’ll be redesigning other spaces in the Lloyd’s Building to support our market’s collaboration and innovation,” Carnegie-Brown said.

The building works include the installation of energy-efficient building infrastructure to reduce the overall carbon footprint of the building, as well as improved services.

The renovations also have an eye on fuure tennants, aimed at encouraging further lease opportunities for businesses looking for “high-grade, low-carbon spaces in one of the most iconic office buildings in the world”.

Carnegie-Brown added: “We’ll continue to monitor how the changes are working so One Lime Street can remain the iconic and dynamic space our market and customers need it to be.”