Deloitte has been appointed as receivers of the building at 30 St Mary Axe, London.

The development has been defaulting on its debts for years despite being well leased by tenants including Swiss Re and Sky News.

Deloitte said the building “remains in trophy condition.”

It added: “The continuing defaults are due to the asset’s complex, multicurrency capital structure.

“Adverse interest rate and currency movements have caused the total senior liabilities secured by the property to increase materially since closing.”

Neville Kahn, Joint Receiver and Restructuring Services partner at Deloitte said: “The Senior Lenders were reluctant to appoint a Receiver but felt they had no choice due to the ongoing defaults, which have remained uncured for over five years, and concerns that the borrowers’ lack of equity in the transaction had caused their incentives to become misaligned with the Lenders’.

“The Gherkin is a truly exceptional building, a landmark recognised around the globe. 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.”