$1B price tag for 'Erotic Gherkin'

M II A II R II K · #1 Posted: **Feb 5, 2007, 7:45 PM**

$1B price tag for 'Erotic Gherkin'

ZURICH, Switzerland (Reuters) -- Swiss Reinsurance Co. said Monday it agreed to sell its London headquarters, the 40-story glass skyscraper to a German real-estate company for 600 million pounds (US$1.18 billion).

The skyscraper at 30 St. Mary Axe, nicknamed "The Gherkin" -- or more cheekily, "The Erotic Gherkin" --because of its resemblance to a pickle, can be seen from far outside the center of the capital.

Designed by Norman Foster, the building won the top prize in British architecture in 2004, the Royal Institute of British Architects' Stirling Prize.

Swiss Re, one of the world's largest reinsurance companies, had said in September that it was considering a sale. It will remain as a tenant after the sale to real-estate corporation IVG Immobilien AG.

"In IVG Immobilien AG we have found a future owner who will maintain and preserve the superior quality of this outstanding property," Swiss Re Chief Executive Jacques Aigrain said.

Wolfhard Leichnitz, chief executive of IVG Immobilien, called the property "an attractive investment for our funds investors, not only visually but also from an investment perspective."

The transaction is expected to close in February, Swiss Re said in a statement.

Shares in Swiss Re shares slipped 0.8 percent to 103 Swiss francs (US$82.57) in Zurich.

Fabb · #2 Posted: **Feb 5, 2007, 7:48 PM**

I bet that the NY Times will eventually do the same in NYC.

GVNY · #3 Posted: **Feb 5, 2007, 7:57 PM**

Because of its resemblance to a pickle? Right...

DJ Atomik Bomb · #4 Posted: **Feb 5, 2007, 10:21 PM**

Yes I think it goes a bit further than that...

vid · #5 Posted: **Feb 6, 2007, 12:11 AM**

Makes it sounds like Swiss RE is scared to maintain the thing.

Distill3d · #6 Posted: **Feb 6, 2007, 9:02 PM**

probably sold it because they expected Basic Instinct 2 to be an Oscar contender...boy were they wrong...

DJ Atomik Bomb · #7 Posted: **Feb 6, 2007, 10:55 PM**

I know the odds of it happening are about 1,000,000 to 1, but wouldn't it be awesome if the new owners made it open to the public? The view from the restaurant must be breathtaking!

STR · #8 Posted: **Feb 6, 2007, 11:12 PM**

I never liked the gherkin moniker, I always prefered "the Towerig Innuendo".

STERNyc · #9 Posted: **Feb 6, 2007, 11:36 PM**

That's not a bad price considering the pound is worth considerably more than the US dollar, London's rent is generally higher than NY's, and 666 Fifth Avenue, an arguably inferior building was just sold for $1.8 billion.

vid · #10 Posted: **Feb 7, 2007, 1:20 AM**

Five years terror free! Wow! That's much better than, say, Chicago's 150 years terror free!

bnk · #11 Posted: **Feb 7, 2007, 3:34 AM**

Quote:

Originally Posted by vid

Five years terror free! Wow! That's much better than, say, Chicago's 150 years terror free!

I do not know if this is true terror but at least a bomb was involved.

http://en.wikipedia.org/wiki/Haymarket_Riot

A decade of strife between labor and industry culminated here in a confrontation that resulted in the tragic death of both workers and policemen. On May 4, 1886, spectators at a labor rally had gathered around the mouth of Crane's Alley. A contingent of police approaching on Des Plaines Street were met by a bomb thrown from just south of the alley. The resultant trial of eight activists gained worldwide attention for the labor movement, and initiated the tradition of "May Day" labor rallies in many cities.

Eigenwelt · #12 Posted: **Feb 7, 2007, 4:20 AM**

the erotic gherkin? the sexy pickle is much easier to say. I almost said that the sexy pickle rolls off the tongue easier, but I thought the better of it.

vid · #13 Posted: **Feb 7, 2007, 6:06 AM**

Oh, I'm sorry.

Chicago is 121 years terror free, not 150 as I said previously.

John Hinds · #14 Posted: **Feb 7, 2007, 1:32 PM**

Quote:

Originally Posted by DJ Atomik Bomb

I know the odds of it happening are about 1,000,000 to 1, but wouldn't it be awesome if the new owners made it open to the public? The view from the restaurant must be breathtaking!

You can go up there but it'll cost you £250 ($US 500) per person for a 1 hour tour around it.
And you can have your wedding up there as well but it'll probably cost you a small fortune.

It's never going to be open to the public though because of the elevator layout.

muppet · #15 Posted: **Feb 8, 2007, 8:47 AM**

they aso call it Cockfosters, in reference to Norm Foster who designed it, and an area of London with that name.

I just call it the Big Nob.

JManc · #16 Posted: **Feb 8, 2007, 8:55 AM**

everytime, i rode the piccadilly tube that terminated at cockfosters...couldn't help but smirk when the announcement played overhead in the train at each stop. el oh el.

DJ Atomik Bomb · #17 Posted: **Feb 9, 2007, 7:00 PM**

You know, I heard they turned it into a giant kettle. Although it beats me why...

village person · #18 Posted: **Feb 9, 2007, 7:35 PM**

I love that skyscraper enthusiasts are selective about which skyscrapers they think look phallic. That's classic!

svs · #19 Posted: **Feb 10, 2007, 1:19 AM**

Quote:

Originally Posted by muppet

they aso call it Cockfosters, in reference to Norm Foster who designed it, and an area of London with that name.

I just call it the Big Nob.

I think that's reversed. They should call it "Foster's C--K".

nito · #20 Posted: **Feb 12, 2007, 9:00 AM**

Quote:

Originally Posted by STERNyc

That's not a bad price considering the pound is worth considerably more than the US dollar, London's rent is generally higher than NY's, and 666 Fifth Avenue, an arguably inferior building was just sold for $1.8 billion.

Swiss RE has only 500,000sq ft..... 666 Fifth Avenue has 1.5mn sq ft, ie 3 times as much.

HSBC have put their Canary Wharf tower (also designed by Foster) on the market, and that is rumoured to be expected to sell for £1.2bn or $2.4bn for 1.1mn sq ft.

I can't imagine what the cost of LBT could be once its finished and the developers want to get a large sum back....