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Pace tower adds to forest of City cranes

Big contractors are pricing another major office development in the City of London.

The work on Lower Thames Street near Cannon Street railway station is worth around £100 million.

Skanska, Sir Robert McAlpine and HBG are all working up bids for the job which will go back to client Pace Investments at the end of the month. A fourth bidder, Bovis Lend Lease, is also believed to be pricing the deal.

McAlpine is already on site at the neighbouring £150 million Waterbank Place scheme - formerly known as Mondial House - which it is building for a joint venture client of UBS Global Asset Management and London developer City Offices.

Bidders expect Pace to decide a winner fairly quickly.

Clients are scrambling to get work started before construction on the 2012 Games venues begins in earnest next year.

One bidder said: "They want to crack on with this before resources go elsewhere and they're looking at a start in the early part of next year."

Both McAlpine and Bovis have lined up work on the London Olympics site but the bidder said: "We've looked at the Olympics but most of the big jobs are starting to go. We're still interested in [the Games] because there's a lot of work but there's a lot of [office] work out there like this job which means we're pretty full up at the moment."

Helical Bar is development manager on the 11-storey block with David Walker Architects the designer.

Key City of London office projects

  • Bovis Lend Lease 201 Bishopsgate and Broadgate Tower (£201m)

  • Bovis Lend Lease Leadenhall Building (£281m)

  • Sir Robert McAlpine Watermark Place (£150m)

  • Skanska The Walbrook (£150m)

  • Skanska St Botolphs (£110m)

  • Sir Robert McAlpine Drapers Gardens (£80m)

  • Multiplex Pinnacle (£500m)

  • Bovis Lend Lease Aldermanbury Square (£72m)

  • Skanska Heron Tower (£500m)

  • Sir Robert McAlpine New Street Square (£200m)

  • Mace 51 Lime Street (£117m)

  • Mace 20 Fenchurch Street 
(£205 m)

  • Bovis Lend Lease 1 New Change (£205m)