Barings is in late-stage talks to sign global law firm Watson Farley & Williams for the entirety of 25 Moorgate, comprising 79,500 square feet of offices.
Watson Farley & Williams has nine offices across 15 countries and is based in 19 Appold Street in London.
Real estate investment manager Barings secured planning in September to add two floors to its 25 Moorgate office building in the City of London, as it undergoes significant refurbishment aiming for a BREEAM Outstanding rating that would put it in the top 1% of sustainable buildings.
The additional floors will mean the property has 79,500 square feet of "best-in-class space". Around 4,500 square feet of terracing across four floors has been added, along with a reworked 2,500-square-foot reception area.
Barings bought the asset on behalf of its Barings Real Estate European Value-Add II in March 2022 and refurbished the space alongside development manager LBS Properties and architect Morrow + Lorraine.
The letting is another major office commitment in the capital to have emerged recently following CoStar News revealing yesterday that US hedge fund Citadel is in talks to prelet more than 250,000 square feet at British Land and GIC's 2 Fenchurch Avenue. Market sources also suggest Evercore, the boutique investment bank, is close to going under offer for a circa 100,000-square-foot headquarters move to one of London's landmark new developments.
CoStar News revealed the group had entered talks to move to 105 Victoria Street, a major redevelopment of the former House of Fraser building in London's Victoria last month.
Welput, the specialist central London office fund managed by BentallGreenOak, recapitalised its ownership of the former House of Fraser and offices at 105 Victoria Street in London and secured a £400 million development finance facility to fund the construction of its proposed redevelopment in 2022. The scheme is one of the largest speculative West End office projects and was Westminster City Council’s single largest commercial building consent in 2021.
JLL and Cushman & Wakefield advise Barings.
Barings, JLL and Cushman & Wakefield declined to comment.