London Wall Limited Partnership, a 50:50 joint venture between Hammerson plc and Kajima Europe BV, has agreed a lease with the law firm, Maclay Murray & Spens, for 2,300 m² (25,000 ft²) of office accommodation at One London Wall, London EC2.
Maclay Murray & Spens will occupy space on the eighth and twelfth floors of the 18,600 m² (200,000 ft²) office building. The total rent will be approximately £1.1 million per annum, reflecting an average rent of £44 per ft². The lease term is 15 years, with a tenant's break option on the tenth year anniversary and an average rent free period of 26 months. If the lease break is not exercised, Maclay Murray & Spens will be granted a further 12 month rent free period.
Following this letting, a total of 11,750 m² (126,500 ft²) of space in the building is now let. One London Wall, which provides 18,600 m² (200,000 ft²) of high specification office accommodation, was completed in October 2003 at a total development cost of approximately £90 million.
John Richards, Chief Executive of Hammerson, commented: "I am delighted to welcome Maclay Murray & Spens to One London Wall, which is now over 60% let. We are experiencing an encouraging level of interest from potential tenants for the remaining space."
Magnus Swanson, Chief Executive of Maclay Murray & Spens, said: "Concluding this deal with the London Wall Limited Partnership is a key development in our ongoing strategy of expansion through our London office. The firm's growth in London has been demonstrated clearly over the past year through our merger with the City Law Partnership and our well-documented practice of pursuing high-profile lateral hire opportunities. One London Wall is a superb building, with high quality space in a very convenient location and it will provide Maclay Murray & Spens with an excellent base for our planned future growth in the City."
Hammerson and Kajima were advised by DTZ and Morgan Pepper. Maclay Murray & Spens was advised by Montagu Evans.