Debevoise & Plimpton Nabarro to Relocate to JP Morgan’s 125 Wall, EC2 Continues 60,000 sq ft Search Nabarro has agreed terms to sub-lease approximately 150,000 sq ft from New York based law firm Debevoise & JP Morgan at 125 London Wall, EC2. The Wall Street banking giant has Plimpton is currently considering a now relocated staff to its new London headquarters at 25 Bank Street in potential relocation in the City Core. The Canary Wharf and therefore the whole building of 340,000 sq ft is surplus firm currently occupies approximately to their requirements. Nabarro currently occupies 140,000 sq ft at Lacon 53,000 sq ft in Tower 42, Old Broad House, 84 Theobald’s Road, WC1 on a lease expiring in September 2014. Street, EC2 on a lease until December The deal terms are confidential, but the rent is rumoured to be circa £42.50 2013. The firm is thought to be per sq ft on the main office space. 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.

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 Tower 42, Old Broad Street, EC2 transaction. Additional space is likely to becoming available from Allen & Overy as a sub-lease opportunity in 10 Bishops Square, E1.

Practical Law Signs 100,000 sq ft CMS Cameron McKenna Still Looking for 200,000 sq ft Pre-Let on Blackfriars Road, SE1 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 Rapidly expanding legal services firm approximately 190,000 sq ft at Mitre House, 160 Aldersgate Street, EC1. Practical Law has signed a pre-let on the The firm is thought to currently pay a rent of around £42.50 per sq ft. Last entirety of Friars House, Blackfriars Road, year CMS withdrew from a 200,000 sq ft pre-let transaction with SE1 with UBS Global Asset Management. Hammerson on Principal Place, EC2, citing uncertainties in the current The property totals approximately 100,000 economic climate. sq ft and will be refurbished as part of the transaction. 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 on the entirety of the building, which totals approximately 101,000 sq ft. Knight Frank represented Trowers & Hamlins 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. 3 Bunhill Row, EC1

Mayer Brown Downsizing at 201 Bishopsgate Release Additional Space

Mayer Brown is releasing up to 15,000 sq ft on the 4 th floor of 201 Lawrence Graham has begun marketing approximately Bishopsgate, EC2. The US firm originally leased 223,000 sq ft on 27,000 sq ft at its 4 More London, SE1 headquarters. The the lower floors in 2007 to facilitate a relocation from 11 Pilgrim 3rd and 4 th floors are available and benefit from panoramic Street, EC4. The quoting rent is £45.00 per sq ft for a sub-lease views of the River Thames. Lawrence Graham is quoting a term to be agreed. rent of £42.50 per sq ft for a new sub-lease for a term by arrangement.

Market Commentary Bradley Baker Head of Central London Tenant Despite the introduction of the Legal Services Act and the uncertainty Representation in the global economy, the top 50 UK law firms have enjoyed positive T +44 (0)20 7861 1256 revenue growth for a second year. This has been reflected in the take- [email protected] up of office space across Central London, which grew from 296,000 sq Jack Tomlin ft in the 12 months to Q2 2011 to 433,000 sq ft in the 12 months to Q2 Partner 2012. T +44 (0)20 7861 1701 [email protected]

Demand for office space has also remained strong despite the Philip Mitchell increase in leasing activity. This suggests a healthy rate of Associate replacement of requirements. We are currently tracking in excess of T +44 (0)20 7861 1185 1.2 m sq ft of active searches from legal tenants – roughly equivalent [email protected] 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 Daisy Reynolds downward trend driven by a lack of development funding and Surveyor improving business conditions. Given the supply outlook and the T +44 (0)20 7861 5348 buoyant demand, occupiers could find themselves in competition for contacts Key [email protected] the limited quality space on the market in the short to medium-term.

Knight Frank LLP, 55 Baker Street, London W1U 8AN T +44 (0)207 629 8171