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Mace on standby for the Pinnacle

Mace is waiting in the wings to take on a £500 million deal for the tallest tower in the City of London if Brookfield, formerly known as Multiplex, cannot agree a deal with the client.

Brookfield is said to be in the final stages of putting a price together for the Pinnacle, a 287 m tower on Bishopsgate in the City.

But project sources say that, while developer Arab Investments is keen to work with Brookfield on a guaranteed maximum price deal for the job, it is also holding the open the possibility of using the scheme’s project manager Mace under a construction management deal if it cannot agree a price.

Brookfield has been working with Arab Investments since August last year on a pre-construction agreement for the tower. While Mace is project manager, it already has a construction management deal for the basement works on the 63-storey scheme, which it is claimed will be the biggest single commercial building in the City of London.

Belgian steel outfit Victor Buyck has emerged as the lead contender for the steel package on the project, having previously been the steelwork contractor for the nearby Swiss Re tower at 30 St Mary Axe.

If Mace did take over the reins on the scheme it would be the second time that the firm had moved in on a major London tower scheme previously earmarked for Brookfield.

The firm is currently waiting for the completion of demolition of the Southwark Towers above London Bridge before it starts building work on Shard London Bridge, the UK’s tallest tower scheme.

Brookfield had previously worked on the London Bridge scheme but walked away in 2006 after client Teighmore decided to open the contract up to competitive tendering.

A spokesman for Arab Investments said it was waiting to receive a price from Brookfield for the Pinnacle deal. Work is due to start on the tower in June for completion by 2011.