Hines, the international real estate firm, has secured a 140,000 ft² (approx. 13,000 m²) letting with CMS at its landmark City of London office development, Cannon Place.
CMS has signed a 25 year lease and will occupy three floors of the eight floored, 400,000 ft² (approx. 37,160 m²) office building, located above Cannon Street station.
Cannon Place was developed by Hines in partnership with Network Rail and London Underground, with the scheme incorporating the re-development of the two previous office buildings and the renovation of Cannon Street station, one of London’s busiest transport hubs which serves 27 million passengers a year.
Since completing the award winning building at the end of 2011, Hines has let the 10,000 ft² ground floor retail unit to Marks & Spencer, with CMS representing the first office letting.
Mark Swetman, Director at Hines, said: “The building has always attracted considerable interest, and we are naturally pleased to have secured our first letting, particularly with an occupier of the calibre of CMS Cameron McKenna.”
He continued: “We are incredibly proud of Cannon Place, it is a fabulous building and we look forward to welcoming CMS in 2015. We are currently in discussions with a number of other potential occupiers who are expressing interest in other floors of the building, and we look forward to confirming further new tenants later this year.”
Managing Partner of CMS in London Duncan Weston comments: “We are delighted to confirm the move to Cannon Place. We view this as an exciting development for our London practice.”
David Biggs, Director of Property, Network Rail, said: “We worked in partnership with Hines to build a new modern station at Cannon Street as well as a range of prime office space in the heart of the city. The new station is a vast improvement for the thousands of passengers who use it every day and was delivered at no cost to the taxpayer. I am extremely pleased Hines has achieved their first letting for this marvellous building, where the new tenant will be able to benefit from first class transport connections.”
CBRE and Abstract Securities acted for CMS, with Savills and CBRE representing Hines.
Source: FTI Consulting