Land Securities announces major letting in London (UK)
Friday 3 November 2006
Land Securities announces that it has exchanged contracts with Taylor Wessing, a leading European law firm, for the pre-letting of Building Five at its New Street Square development on New Fetter Lane, EC4.
Taylor Wessing will make 5 New Street Square its UK head office occupying the majority of the building, some 166,000 ft², on a 17-year lease. The rental profile varies over the building with £50 per ft² being achieved on the upper floors.
Mike Hussey, Land Securities’ Managing Director, London Portfolio, commented: “We are delighted to conclude this letting to Taylor Wessing. Legal and Professional Services occupiers have been target sectors for us in New Street Square. This letting further demonstrates the suitability of the accommodation for them.
The Tower at 6 New Street Square is going to be a breathtaking new addition to London’s skyline and the completed project will be a new heart for this area of the City.”
Taylor Wessing’s Managing Partner Michael Frawley comments: "Our current home at Carmelite, Victoria Embankment, has served us well for the past 13 years but we are fast outgrowing it. The move to New Street Square will provide us with a modern working environment and an excellent platform from which to service our clients. The new office space is also flexible enough to absorb our future growth and reflects our confidence in meeting our ambitious growth targets."
5 New Street Square is part of the 730,000-ft² mixed-use scheme, designed by Bennetts Associates, which replaces an assortment of post-war office blocks with four contemporary office buildings, all of which open onto a new landscaped central square lined by shops and cafes.
The letting to Taylor Wessing follows the successful lettings of 2 and 3 New Street Square to Deloitte leaving approximately 250,000 ft² of office and circa 30,000 ft² of retail available within the scheme.
Savills represented Taylor Wessing. CB Richard Ellis and Jones Lang LaSalle are joint leasing agents for Land Securities.