Debevoise & Plimpton Continues 60,000 sq ft Search ... - Knight Frank

Debevoise & Plimpton
Continues 60,000 sq ft Search
New York based law firm Debevoise &
Plimpton is currently considering a
potential relocation in the City Core. The
firm currently occupies approximately
53,000 sq ft in Tower 42, Old Broad
Street, EC2 on a lease until December
2013. The firm is thought to be
considering prime Grade A offices in the
City core of up to 60,000 sq ft. Arnold &
Porter, another Tower 42 occupier, are
also rumoured to currently be considering
a 25,000 sq ft relocation.
Tower 42, Old Broad Street, EC2
Practical Law Signs 100,000 sq ft
Pre-Let on Blackfriars Road, SE1
Rapidly expanding legal services firm
Practical Law has signed a pre-let on the
entirety of Friars House, Blackfriars Road,
SE1 with UBS Global Asset Management.
The property totals approximately 100,000
sq ft and will be refurbished as part of the
transaction.
Nabarro to Relocate to JP Morgan’s 125 London Wall, EC2
Nabarro has agreed terms to sub-lease approximately 150,000 sq ft from
JP Morgan at 125 London Wall, EC2. The Wall Street banking giant has
now relocated staff to its new London headquarters at 25 Bank Street in
Canary Wharf and therefore the whole building of 340,000 sq ft is surplus
to their requirements. Nabarro currently occupies 140,000 sq ft at Lacon
House, 84 Theobald’s Road, WC1 on a lease expiring in September 2014.
The deal terms are confidential, but the rent is rumoured to be circa £42.50
per sq ft on the main office space.
125 London Wall, EC2
Paul Hastings Re-Gears Lease at 10 Bishop’s Square, E1
Paul Hastings has agreed a sub-lease extension within 10 Bishop’s
Square, E1. The US firm currently leases approximately 22,000 sq ft from
Allen & Overy. The lease expiry has now been extended to 2019 following
rumours of a possible relocation. Paul Hastings is thought to have been
granted expansion rights on other space within the building as part of the
transaction. Additional space is likely to becoming available from Allen &
Overy as a sub-lease opportunity in 10 Bishops Square, E1.
CMS Cameron McKenna Still Looking for 200,000 sq ft
CMS Cameron McKenna is still looking for up to 200,000 sq ft to facilitate a
relocation in the City Core. The UK firm has a July 2015 lease expiry on
approximately 190,000 sq ft at Mitre House, 160 Aldersgate Street, EC1.
The firm is thought to currently pay a rent of around £42.50 per sq ft. Last
year CMS withdrew from a 200,000 sq ft pre-let transaction with
Hammerson on Principal Place, EC2, citing uncertainties in the current
economic climate.

Trowers & Hamlins Relocates to New 3 Bunhill Row Headquarters
Trowers & Hamlins has now relocated to its new global headquarters at 3 Bunhill Row,
EC1. The UK based firm took an overriding sub-lease from Linklaters on the entirety of
the building, which totals approximately 101,000 sq ft. Knight Frank represented
Trowers & Hamlins
Hill Dickinson Seeking 35,000 sq ft City Relocation
National law firm Hill Dickinson are seeking a new City office totalling approximately
35,000 sq ft and have short-listed three properties. The firm currently occupies circa
25,000 sq ft at 22 Dukes Court, EC3.
Bird & Bird Considering 150,000 sq ft Pre-let Opportunities
UK law firm Bird & Bird is considering a potential relocation from 15 Fetter Lane,
EC4. The firm currently occupies 75,000 sq ft on a lease until 2017. Bird & Bird is
thought to be considering pre-let opportunities of up to 150,000 sq ft in the City and
Midtown areas.
Mayer Brown Downsizing at 201 Bishopsgate
Mayer Brown is releasing up to 15,000 sq ft on the 4 th floor of 201
Bishopsgate, EC2. The US firm originally leased 223,000 sq ft on
the lower floors in 2007 to facilitate a relocation from 11 Pilgrim
Street, EC4. The quoting rent is £45.00 per sq ft for a sub-lease
term to be agreed.
Market Commentary
Despite the introduction of the Legal Services Act and the uncertainty
in the global economy, the top 50 UK law firms have enjoyed positive
revenue growth for a second year. This has been reflected in the takeup
of office space across Central London, which grew from 296,000 sq
ft in the 12 months to Q2 2011 to 433,000 sq ft in the 12 months to Q2
2012.
Demand for office space has also remained strong despite the
increase in leasing activity. This suggests a healthy rate of
replacement of requirements. We are currently tracking in excess of
1.2 m sq ft of active searches from legal tenants – roughly equivalent
to the last three years of take-up from the sector. While this is positive,
the supply of office space in the Central London market is on a
downward trend driven by a lack of development funding and
improving business conditions. Given the supply outlook and the
buoyant demand, occupiers could find themselves in competition for
the limited quality space on the market in the short to medium-term.
Key contacts
3 Bunhill Row, EC1
Lawrence Graham Release Additional Space
Lawrence Graham has begun marketing approximately
27,000 sq ft at its 4 More London, SE1 headquarters. The
3 rd and 4 th floors are available and benefit from panoramic
views of the River Thames. Lawrence Graham is quoting a
rent of £42.50 per sq ft for a new sub-lease for a term by
arrangement.
Bradley Baker
Head of Central London Tenant
Representation
T +44 (0)20 7861 1256
bradley.baker@knightfrank.com
Jack Tomlin
Partner
T +44 (0)20 7861 1701
jack.tomlin@knightfrank.com
Philip Mitchell
Associate
T +44 (0)20 7861 1185
philip.mitchell@knightfrank.com
Daisy Reynolds
Surveyor
T +44 (0)20 7861 5348
daisy.reynolds@knightfrank.com