Oxford Properties Group has let 161,000 sq ft at MidCity Place in Holborn, London, to law firm Mishcon de Reya on a 20-year lease.
The firm has taken the space, which includes a large client hospitality and events space, across four floors of the 350,000 sq ft building. Mishcon de Reya will move into MidCity Place in 2029 following a full fit-out and has also taken an option on an additional floor.
Oxford is currently undertaking a £20m refurbishment and decarbonisation of the office building, which is due to complete in 2027.
MidCity Place is owned by a joint venture between Oxford and Temasek, with Oxford managing the building on behalf of the JV. The building is now 100% let to a range of global corporate occupiers, with a weighted average unexpired lease term of 15 years.
Jay Drexler, VP, asset management at Oxford Properties, said: “Securing Mishcon de Reya, one of London’s leading law firms, and achieving full occupancy further reinforces MidCity Place’s position as a premier Midtown office building. This long-term commitment reflects the quality of the asset and the investment we are making to enhance the occupier experience through best-in-class amenities and leading sustainability credentials.
“Supported by the continued demand for high quality, well-located office space in Central London, this transaction highlights the value that active asset management can create by attracting world class occupiers to premier workplaces. As demand increasingly concentrates in the highest quality buildings and future supply remains constrained, we remain highly confident in the long-term outlook for prime offices and continue to see opportunities to create value through repositioning and redevelopment across London and Europe.”
Daniel Naftalin, managing partner at Mishcon de Reya, added: “Moving to a new property can say a lot about a firm. We are tremendously excited about our upcoming move into MidCity Place, and believe it encapsulates the forward looking nature of the firm, a sense of our ambition and confidence in our future. The move marks the first time in some years our London office will be under one roof, and the move has been designed with connection and culture in mind.
“This move marks a significant milestone for the firm and supports our Vision 2030 strategy, reinforcing our commitment to growth, collaboration and excellence in client service. The area also has meaning for us – we have thrived in Holborn for decades, and this move cements it as our home for a long time to come.”
Oxford was advised by JLL, Farebrother and Ashurst. Mishcon de Reya was advised by CBRE and CMS.
