Land Securities will enlist Songbird subsidiary Canary Wharf Group (CWG) as a partner on a City of London office space development, reports suggest.
According to sources cited by Reuters news agency, CWG are being brought onboard to undertake the construction of the skyscraper at 20 Fenchurch Street.
The company will also shoulder some of the investment for the development, which has been colloquially dubbed the Walkie Talkie, and help spread the financial risk for Land Securities.
Harm Meijer said: “It looks to be a winning combination … for CWG they can diversify from the Canary Wharf district, and for Land Secs they will be working with a developer that has one of the best construction records.”
Plans for the Walkie Talkie reveal it is a mixed use development with floor space of 660,000 square feet earmarked for offices and the remaining 23,000 for retailers. It is expected to be complete by 2014.