Land Securities pre-lets EC2 development to international law firm (UK)

Land Securities Group PLC announces that it has exchanged an Agreement for Lease with Eversheds LLP for the pre-letting of One Wood Street, EC2 for its London headquarters.

Eversheds has taken an 18 year lease on all of the 165,000 sq ft (15,329 m²) office accommodation. The global law firm will occupy all eight floors, with an option to lease back 20,000 sq ft *(1,858 m²) to Land Securities. In addition to the office space, the building incorporates 16,000 sq ft (1,490m²) of ground floor retail which is being let separately.

Purchased by Land Securities for 36.1m in August 2003, the redevelopment of One Wood Street started in 2005 at a build cost of circa 50m. The Cheapside area will see further transformation from the redevelopment of the One New Change scheme, which achieved planning consent in January this year and could start early next year.

Mike Hussey, Land Securities Managing Director, London Portfolio commented; "Eversheds is an important transaction for us and the City market. It underpins our view that the provision of high quality office accommodation in the City of London will attract interest from occupiers despite the significant availability of existing stock."

Cornelius Medvei, Managing Partner of Eversheds London said: These are prestigious and modern premises that will give Eversheds partners and staff a wonderful environment in which to work and welcome our clients. This emphasises our commitment to making sustained long term investment in London and we are delighted with the contracts that we have signed with Land Securities.

Land Securities was advised by Knight Frank and Atisreal represented Eversheds. Strutt & Parker are the appointed agents on the retail element.

Source: Land Securities

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