London's Gherkin Skyscraper Falls into Receivership

London's iconic Gherkin skyscraper has fallen into receivership.

Deloitte is acting as receiver for the City office tower, known as 30 St Mary Axe and designed by noted British architect Norman Foster.

Five years of defaults led to the building owners' senior lenders to appoint a receiver. There are also concerns about the lack of equity used to buy the building, which was sold by insurer Swiss Re in 2007 for £600m.

"The Gherkin is a truly exceptional building, a landmark recognised around the globe," said Neville Kahn, joint receiver and restructuring services partner at Deloitte.

"Our priority is to preserve the value of this asset. We are in the process of communicating with all tenants and working with the property manager to ensure the continuation of all property management services with no interruption to tenants."

Deloitte said the "trophy building" is still well leased.

IVG Immobilien AG, which controls the Gherkin's lead investor and asset manager, went into bankruptcy in 2013.