London Wall Limited Partnership, a 50:50 joint venture between Hammerson plc and Kajima Europe BV, has signed a lease with Osborne Clarke, a leading business law firm, for 3,250 m² (35,000 ft²) of office accommodation at One London Wall, London EC2.
Osborne Clarke will occupy the sixth and seventh floors of the building at an initial rent of £457 per m² (£42.50 per ft²) following a rent free period of 26 months. The lease term is 15 years with a tenant’s break option on the tenth year anniversary.
This letting follows the lease signed earlier this month for 1,300 m² (14,000 ft²) of offices with Melli Bank, which has a longstanding and substantial banking presence in the UK, and that with Dewey Ballantine, a leading international law firm, in February 2004 for 2,930 m² (31,500 ft²) of space.
Providing 18,600 m² (200,000 ft²) of high specification office accommodation, One London Wall was completed in October 2003 at a total development cost of approximately £94 million.
John Richards, Chief Executive of Hammerson, commented:
“I am delighted to announce this most recent letting at One London Wall. The building is now some 40% let and we are continuing to see an encouraging level of interest for the remaining space.
This brings to over 10,000 m² (107,000 ft²) the amount of space let by Hammerson in London and Paris over the past few weeks.”
Katsumi Shibasaki, President and CEO of Kajima Europe BV, stated:
“We are very pleased to welcome Osborne Clarke and Melli Bank to One London Wall, which is one of the most impressive and highest specification buildings in the City.”
Hammerson and Kajima were advised by DTZ, Morgan Pepper and Nabarro Nathanson.