Cheese rush: City leaps at vacant space

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Aon - which has long been linked with the £340 million building in Leadenhall Street next to the Richard Rogers-designed Lloyd's of London building in Lime Street - has agreed heads of terms for 191,000 square feet when the tower is completed in 2014. Aon, at present based in nearby Devonshire Square, also has options over another 85,000 square feet.

The firm is one of several players, including fund manager Schroders and Spain's Santander, on the hunt for space but among the first to have made a commitment. Aon is thought to have paid around £55 per square foot although British Land might hold off on letting the remaining space to take advantage of rising City rents.

Liberum Capital analyst Daniel Horwood said: "The future supply of large-scale space for pre-leasing is limited, visible to potential occupiers and they are all aware of each others' requirements.

"Activity is often characterised like 'dominoes' - after periods of inactivity, once one occupier commits the others all take note."

In a separate deal, the West End's Marble Arch Tower overlooking Hyde Park changed hands for £80 million today as property investment firm Almacantar bought the 21-storey building from Orchard Street Investment Management. It is the firm's third major deal of the year after buying the Centrepoint building and being chosen to redevelop Lord's Cricket Ground in north London.