London Wall Limited Partnership, a 50:50 joint venture between Hammerson plc and Kajima Europe BV, has signed a lease with Dewey Ballantine for 2,930 m² (31,500 ft²) of office accommodation at One London Wall, London EC2.
Dewey Ballantine, a leading international law firm, will occupy the ninth and tenth floors of the building. The rent for the office space is £460 per m² (£43 per ft²). The lease term is fifteen years, with a rent free period of 31 months.
Providing 19,000 m² of high specification office accommodation, One London Wall was completed in October 2003 at a total development cost of approximately £97 million.
John Richards, Chief Executive of Hammerson, commented:
“At the time of our interim results last August, we commented on the marked increase in tenant enquiries. I am delighted that we have been able to translate this interest into a first letting at One London Wall. We are currently in discussions with several other potential occupiers in respect of the remaining space. In addition, there is an encouraging level of interest from potential tenants at our other recently completed development, 10 Grosvenor Street W1.”
Katsumi Shibasaki, President and CEO of Kajima Europe, stated:
“Our ambition has been to produce a building of style and quality that can hold its own in a challenging market. I am therefore very pleased to have signed the first lease with an excellent tenant, Dewey Ballantine.”
Fred Gander, Managing Partner of Dewey Ballantine’s London office, said:
“We are very excited to be moving to this prestigious new office development. One London Wall will provide a wonderful working environment as well as the space to allow for significant expansion in the firm’s key practice areas, which include mergers and acquisitions, corporate finance and project finance. The signing of this lease, which comes only months after the opening of our offices in Milan and Rome, clearly demonstrates the commitment of Dewey Ballantine to expansion both in London and Europe.”
Hammerson and Kajima were advised by Morgan Pepper and DTZ on property matters and Nabarro Nathanson and Herbert Smith on legal matters. Dewey Ballantine was advised by Gerald Eve and Ashurst.