Great Portland Estates (GPE) has pre-let all of the office space at its 2 Aldermanbury Square, EC2 development, to Clifford Chance for its new global headquarters.
The law firm has agreed to lease 321,100 sq ft on the ground to the twelfth floor on separate 20-year leases, with options to break at year 15.
Clifford Chance, which will pay an initial rent of £77/sq ft and benefit from 38 months’ rent free over the 15 year terms, with a further three months’ rent free in the event these leases are not broken. The law firm has additional options to break at year eight on the fourth floor and year 12 on the fifth floor. It also has an option to hand back the first to fourth floors of the building, equating to 89,000 sq ft, which expires on 1 March 2024.
GPE has already commenced demolition of the existing building and has committed to deliver 2 Aldermanbury Square, by entering into a building contract with Lendlease, with completion of the net zero carbon scheme anticipated in December 2025.
Michael Bates, managing partner for Clifford Chance, said: “With our clients, our people and our values at the heart of our decision making, this represents a truly exciting step for the firm as we plan our move to a newly-built location that meets the exceptionally high standards that we set ourselves. This investment ensures we have the space that is fit for our ambitions of the future and importantly is core to our values and commitments on sustainability, supporting the firm’s longer-term environmental targets.
Toby Courtauld, chief executive of GPE, added: “We are excited to be building a new home back in the City of London for one of the world’s pre-eminent law firms and we have enjoyed working with the City of London, as well as Clifford Chance, to create a best in class office building.
“In Clifford Chance we have found a partner who shares our values and, in particular, our commitment to the highest sustainability standards, with 2 Aldermanbury Square set to hit our 2030 sustainability commitments almost five years early. This is GPE’s largest ever letting and is yet another example of the enduring attraction of the City of London; as well as the resilience of the wider central London office market.”
