CB Richard Ellis replaces Cushman on two Minerva schemes

In a major coup for CBRE it will act as joint agent with Knight Frank at the two schemes which total 1m sq ft of office space.

Minerva confirmed tonight to Property Week that is had changed one of its leasing agents at its two City developments.

Tim Garnham, group development director of Minerva said: “In the light of changing market dynamics and as both our high quality schemes near completion, Minerva decided it was time to reposition our marketing approach and I am delighted with the appointment of CB Richard Ellis.

“I should like to thank Cushman & Wakefield for its notable contribution to the design development and marketing of both The Walbrook and St Botolphs.”

The Walbrook, opposite Cannon Street Station, is 445,000 sq ft and will complete this year. St Botolphs is located towards the east of the City on a 1.25 acre site and provides 560,000 sq ft of space. Minerva has already secured a prelet of 20% to UK’s largest insurance broker Lockton, advised by Savills, which is taking 100,000 sq ft at around £46/sq ft.

James Young, head of the city office at Cushman, said: "It's not uncommon for clients to periodically review their marketing and we are disappointed not to be able to continue with Minerva as the team has been committed to these schemes throughout one of the most difficult markets the City has seen. We retain however a superb pipeline of some of the best space available in the City & Docklands and are continuing to agree significant deals at sites across the City."

Cushman is leasing agent at Heron International's Heron Tower nad St Martin's Property Company's 150 Cheapside in the City and 25 Canada Square and 5 Churchill Place in Canary Wharf.