London seeks operator for 2012 Olympic tower

London seeks operator for 2012 Olympic tower

Published Jan. 7, 2011 4:52 a.m. ET

London Olympic officials are looking for a company to operate the 375-foot tower being built next to the main stadium for the 2012 Games.

The Olympic Park Legacy Company has launched a bid process for the $35 million ArcelorMittal Orbit, which officials hope will become a major visitor attraction during and after the Games.

Companies have until Jan. 28 to register interest. The winning bid will be announced by June.

Work on the twisting tower, designed by Anish Kapoor, began in November and is to be completed by early 2012. Steel magnate Lakshmi Mittal is contributing $30 million to the project.

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Located between the Olympic Stadium and the aquatics venue, the structure will have two observation floors offering views across London's skyline.

The chosen operator will run the venue on behalf of the London organizing committee during the Olympics.

After the games, the company would manage ticketing, marketing, hospitality and the gift shop for the legacy agency.

OPLC officials said the tower could draw up to 1 million visitors in its first year, and generate up to $15.5 million in revenue annually through ticket sales, retail and merchandise.

''With the changing view of the city by day and night, the ArcelorMittal Orbit has the potential to be the `must-see' attraction in east London,'' OPLC chief executive Andrew Altman said.

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