[4] Its innovation of having key service pipes and other components routed outside the walls has led to very expensive maintenance costs due to their exposure to the elements.

[6] Lloyd's commissioned Richard Rogers to redevelop the site, and the original 1928 building on the western corner of Lime and Leadenhall Streets was demolished to make way for the present one, which was officially opened by Queen Elizabeth II on 18 November 1986.

The building was previously owned by Dublin based real estate firm Shelbourne Development Group, who purchased it in 2004 from a German investment bank.

[10][11] The current Lloyd's building (address 1 Lime Street) was designed by the architect company Richard Rogers & Partners and built between 1978 and 1986.

[12] Like the Pompidou Centre in Paris (designed by Renzo Piano and Rogers), the building was innovative in having its services such as staircases, lifts, ductwork, electrical power conduits and water pipes on the outside, leaving an uncluttered space inside.

Modular in plan, each floor can be altered by addition or removal of partitions and walls.Prince Charles and others initially criticized the design of Lloyd's Building, similar to the backlash of Centre Pompidou.

"[13] One of those changing needs relates to the much-vaunted design innovation of having the service pipes, ducts, and stairwells outside the walls led to such costs caused by weathering and maintenance that Lloyds considered vacating the building in 2014.