Stephenson Harwood plans relocation to new City base
Stephenson Harwood is set to relocate to new offices next year despite previous indications that it would postpone the move to 2013. The top 40 UK law firm will leave its 70,000 sq ft premises at One St Paul's Churchyard next spring after signing a deal with Hermes Real Estate for a move to One Finsbury Circus.
March 30, 2010 at 02:42 AM
2 minute read
City firm seals deal for move to new 132,000 sq ft headquarters
Stephenson Harwood is set to relocate to new offices next year despite previous indications that it would postpone the move to 2013.
The top 40 UK law firm will leave its 70,000 sq ft premises at One St Paul's Churchyard next spring after signing a deal with Hermes Real Estate for a move to One Finsbury Circus.
The lease agreement was signed in March after just 20 days of negotiations and will see the law firm nearly double its space as it takes on 132,000 sq ft, or six out of eight floors in the building.
The deal will involve Stephenson Harwood paying an initial rent of around £35 per sq ft, after negotiating a market rent-free period.
Hermes instructed top 25 UK law firm Nabarro for advice on the deal, led by City real estate partner Simon Staite, while Stephenson Harwood real estate partners Robert Newman and Stephen Laud acted on behalf of their own firm.
The news comes after a period of indecision over the office move due to the financial crisis.
In 2008 the firm decided to pull out of advanced negotiations for a move to 107 Cheapside upon the expiration of its current lease in July 2011, instead proposing to prolong its contract at St Paul's until 2013. However, the firm chose not to sign either deal in the end, leaving options open for a move to go ahead next year.
Stephenson Harwood chief executive Sharon White commented: "We did look at the possibility of staying at One St Paul's Churchyard but the building does not offer any growth space, whereas One Finsbury Circus gives us the room we need."
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