The development will be directly across from the Lloyd's Underwriting centre and has been designed by a team led by Foster and Partners, and will provide 420,000 sq ft of office space.

It is to be completed by the end of 2006 to meet Willis' timetable. British Land will undertake the development in association with Stanhope Plc.

Since mid 2001, Roger Preston and Partners have provided advice for this major landmark development, assisted in achieving planning consent and brought their significant experience in similar city projects to add client value.

John Ritblat, Chairman of British Land said:
'We are very pleased to have agreed terms with Willis for what will be a most striking building giving Willis tremendous market and corporate profile. It is a vote of confidence in Lloyds and the City. It also endorses our policy of securing the best sites in the City and offering occupiers buildings of the highest quality. Our financial strength and track record of development expertise makes us the ideal partner for Willis.'

Joe Plumeri, Chairman of the Willis Group, said:
'This is a defining moment in Willis' history and every Willis Associate should feel very proud! Who could have imagined that within just a few years we would have performed so well and grown so fast that we would be moving into what will be one of London’s most impressive landmarks?'

'The Willis Building will be truly iconic, with a fantastic working environment and the latest technology. It meets all our needs, for today and the future. By bringing all our London-based Associates together, we will be able to work more efficiently, communicate faster and reinforce our One Team approach. And, it puts us precisely where we belong' at the heart of the insurance capital of the world. Along with Lloyd, Willis will define the 'Insurance District'.