The Singapore Exchange (SGX) has put the Baltic Exchange's headquarters at 38 St Mary Axe in London up for sale.
Plans to sell the building — prime real estate in the City of London that will be worth tens of millions of pounds — have been rumoured ever since SGX bought the Baltic in November 2016.
The transaction will be a sale-and-leaseback deal, whereby the property will be sold but will continue to house the Baltic as a tenant, according to sources with knowledge of the matter.
The membership organisation and other tenants will move out of the building by the end of this year while a three-year-long renovation project takes place.
For some organisations, such as the Baltic, the relocation will be temporary but others have already found permanent homes elsewhere.
In a statement to TradeWinds, the Baltic confirmed that it will be moving temporarily to a new base in London early next year "to allow for a full refurbishment of the 100-year-old building".
"We intend to move to a nearby City location and will return to its headquarters in the building once the upgrade is completed," the organisation said.
"The refurbishment is due to commence in early 2022 and expected to take up to three years to complete. The building was last refurbished in 1994."
The Baltic said its tenants "have long been aware of these discussions and the possibility that they will need to find alternative space whilst the renovations are undertaken".
"This development will not impact the Baltic Exchange’s operations and our business will continue to function as usual throughout," it added.
SGX did not respond to a request for comment.
Tenants
The London Maritime Arbitrators Association (LMAA) will relocate on 8 September to a new base at the International Dispute Resolution Centre (IDRC) in the City of London.
LMAA president David Steward said: "Our move to Juxon House reflects the development of the new IDRC as a leading centre for international dispute resolution and it is fitting that the LMAA should be at the heart of this."
The Baltic headquarters are also home to organisations including insurance broker HW Wood; Gourdomichalis & Co (Chartering), which acts as exclusive broker for Greek shipowner Gourdomichalis Maritime, and its affiliate, competitive broker Anglo-Greek Chartering.
Other tenants include communications agency Navigate PR and trade bodies Maritime London and the Greek Shipping Cooperation Committee.
London home
St Mary Axe is more than just an address for the Baltic — it is something of a spiritual home for shipping and shipping folk.
The Baltic was located at 24-28 St Mary Axe from 1902 until April 1992, when the building was badly damaged by a one-tonne bomb, laid by Provisional Irish Republican Army (IRA).
Three people were killed in the blast and 91 were wounded.
The original building was known for its cathedral-like trading hall — the last remaining exchange floor in the City of London before its destruction — and its stained glass war memorial.
London's iconic skyscraper The Gherkin is today located on the site of the old Baltic.
The Baltic organisation traces its roots back to 1744 and the Virginia and Baltic Coffee House in nearby Threadneedle Street.
