Global law firm Taylor Wessing has renewed its lease for 175,000 sq ft of space at Landsec’s 5 New Street Square, EC4, from 2025.
Off the back of the deal the headquarter building will undergo an extensive refurbishment delivering the “look, feel and facilities of a new building, with less environmental impact than would result from building and fitting out a brand new premises”.
The building’s gas boilers will be replaced by air-source heat pumps, “setting it on a path to net zero”, and the new space will target a minimum of BREEAM Excellent and Well Gold Core.
Taylor Wessing has been based in 5 New Street Square since 2008 and during the refurbishment – which will commence at the end of this year and is expected to complete in mid-2025 – it will relocate to Hill House, EC4.
Oliver Knight, head of workplace at Landsec, said: “Workspaces play a vital role in bringing people together to develop long term trusted relationships, promote wellbeing and foster company culture. Alongside this, sustainable office space plays a pivotal role in helping businesses meet their ESG targets, which is increasingly driving decision making.
“Businesses are looking for spaces that can support their people whilst also reflecting their values, having a space that is environmentally friendly sits at the heart of this.
“Our partnership approach combined with the scale and quality of our portfolio means we’re able to offer solutions for businesses no matter what stage they’re at in their journey. Working alongside Taylor Wessing allowed us to find a bespoke solution which combines a prime location in the City of London with the highest sustainability credentials.”
Shane Gleghorn, UK managing partner at Taylor Wessing, added: “This is an exciting moment in the evolution of Taylor Wessing. In considering our options, we have been guided by our people who have made it clear that they wish to connect with one another and our clients in an environment that reflects our culture and commitment to sustainability. We are delighted that we will be able to create this at 5 New Street Square so that we can grow in the coming years.”
Taylor Wessing’s Real Estate team led on the negotiation of the agreement for lease and reversionary lease terms. The law firm was also advised by Savills. Landsec was advised by BH2.
