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The global financial crisis has come to London Mayor Boris Johnson’s doorstep.

The mortgage on the egg-shaped glass building on the Thames River where London’s City Hall has its offices is in default, a victim of the falling value of U.K. office properties. The building is part of a 13-acre development near London Bridge owned by developer More London Plc. Guy Hands’s private equity firm Terra Firma Capital Partners Ltd. is also a tenant.

“Another great deal negotiated by government ministers,” said Joe Derrett, a spokesman for Boris Johnson. “The Greater London Authority has a long lease and carries on paying rent to its landlord More London until someone tells us otherwise.”

More:www.bloomberg.com

Tags: acre development, boris johnson, building, city, city hall, developer, doorstep, glass building, global financial crisis, government ministers, greater london authority, Guy Hands, Joe Derrett, Landlord, Loan, London, london bridge, london mayor, Mayor, Mortgage, Office, private equity firm, spokesman, terra firma capital, terra firma capital partners, Thames River, UK
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