CMS in talks to lease 100,000 sq ft of Nabarro office space to Lloyds

CMS UK is in talks to lease around 100,000 sq ft of Nabarro’s former office space in 125 London Wall to Lloyds Banking Group.

The bank has not yet signed a contract and is understood to also be considering other options, according to an article published on Bloomberg earlier this week.

Both Olswang and Nabarro appointed property agents in December last year to market their London offices ahead of their three-way merger with CMS, which went live on 1 May.

At that point, Nabarro had 120,000 sq ft of City office space to sublet at 125 London Wall under a lease running until 2025, so if the deal with Lloyds goes ahead all or most of this space would go.

Olswang, meanwhile, agreed a deal to sublet 27,000 sq ft of space to US firm Quinn Emanuel Urquhart & Sullivan earlier this year and held talks to sublet more than 60,000 sq ft of its London office space to University College London.

After partners voted in favour of the three-way merger last year, CMS UK, Nabarro and Olswang signed a lease to take two extra floors at CMS’s London base at Cannon Place, with all three firms moving under the same roof earlier this year. CMS now occupies the first, second, third, sixth and seventh floors of the building.

A report released by commercial property company CBRE in March revealed that the amount of new London leases taken up by the largest law firms in the capital fell by more than 50% last year, as factors such as flexible working, new technology and the Brexit vote push law firms to rethink their real estate footprint.

The report, which canvassed the largest 100 law firms in London, revealed that the total space taken through new London law firm leases in 2016 was 499,900 sq ft – 55% down on 2015 and 36% below the 10-year average.