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Lloyd’s has decided to stay in its landmark headquarters building at One Lime Street in London – as long as it receives acceptable terms for the renewal of its lease.

In January, the market reportedly was conducting a review of the lease, in light of the new hybrid workplace practices that were put in place during the pandemic. It’s a decision that many companies around the world are making about their high-priced headquarters in major urban centers. (Read more: “Is It Time to Sell The Building?“, “Financial, Risk OfficersStruggle with Talent, Culture Issues,” and “Leadership Conundrum: Can Corporate Culture Survive Remote Work Models?)

Although the lease on the building does not run out until 2031, the contract contains an option to exit earlier in 2026.

“We’re building the marketplace of the future, which means having both a fully integrated digital offering and a thriving physical space for our market to convene. While our workplace strategy and future leasing arrangements remain under consideration, our preference is to stay in the building if the right terms are agreed. We remain on course to confirm our plans later this year,” said a Lloyd’s spokesperson in an emailed statement.

Since 1986, Lloyd’s has been located in the famous “inside out” building, which was designed by architect Richard Rogers & Partner’s. All the building’s pipes are located on the outside of the building with its underwriting room in the center.

China’s Ping An Insurance purchased the building in 2013 for £260 million from a unit of Commerzbank.

Despite the changing workplace practices, Lloyd’s still conducts face-to-face meetings in its underwriting room, a long-standing practice that remains important to trading in the Lloyd’s and London company markets. As of December 2021, there were 75 syndicates operating at Lloyd’s.