Reed Smith Richards Butler is to move into British Land’s new 35-storey Broadgate Tower after signing a major pre-let agreement to take almost 40% of the building.
The firm is to take 155,000 sq ft on the top 10 floors of the tower as well as a further floor lower down, totalling 39% of the total floor-space. The agreement makes the firm the first tenant for the 540-ft tower, which is due to be completed next summer.
The firm has rented the space at £62.50 per sq ft for the top floors, with an average overall rent of £58 per sq ft. The lease runs for 15 and a half years, with the firm expecting to relocate in the second quarter of 2009.
Reed Smith Europe and Middle East managing partner Roger Parker commented: “This transaction reflects [the firm’s] commitment to the London and European markets. Broadgate is a fantastic creation and by signing for space we take a major step towards providing the best environment for the practice of law.”
Legacy City firm Richards Butler merged with Reed Smith on 1 January, creating a 1,300-lawyer practice. The merged entity currently operates from two separate offices in the City and has been looking for a single location since announcing its intention to merge.
Earlier this year, Mayer Brown announced that it would be moving into British Land’s adjoining 13-story tower 201 Bishopsgate, which is due to be completed in early 2008.
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