Law Firm Takes 158K SF In The City As London Leasing Recovery Continues
European legal firm Travers Smith has agreed to lease a major chunk of a City of London office building that is being redeveloped as new data shows that the central London office leasing market is making a steady recovery from its lockdown lows.
Travers Smith is leasing 158K SF of Stonecutter Court in a 15-year deal. The building is being redeveloped and expanded from 150K SF to 250K SF. It is owned by Canadian investor Ivanhoé Cambridge and German pension fund Allianz, which purchased a 50% stake in the building. The law firm plans to move into the building in 2025.
Cushman added that there is 2.3M SF currently under offer, meaning that Q3 of this year should see a further uptick. The biggest second-quarter transaction in London was actually completed by a real estate firm, with JLL taking 157K SF at British Land and GIC’s 1-2 Broadgate for a new UK HQ.