(This story has been updated to include Dentons' advisers)
Aviva Investors, the asset management business of insurer Aviva, has completed a major prelet at its One Liverpool Street development in London with Dentons, the global law firm.
Developed for completion in January 2026, One Liverpool Street will comprise 176,000 square feet of leasable office and retail space, spread across the ground and upper 10 floors.
Dentons will take 67,600 square feet on an initial term of 15 years and expects to move in by mid-2026. It is the world's largest global law firm by number of lawyers, according to a 2022 ranking by Law.com International. The company occupies close to 150,000 square feet at 1 Fleet Place in London on a lease expiring in 2025.
One Liverpool Street is targeting a BREEAM Outstanding rating, the highest that can be achieved when assessing the sustainability performance of a building, while also meeting Carbon Risk Real Estate Monitor’s decarbonisation pathway requirements and being compliant with EU Taxonomy.
The building will be 100% electric with no gas boilers and include nearly 300 cycle spaces.
Aviva Investors recently highlighted the strong investment case it believes exists for London offices, in a research paper assessing the prospects for London real estate in a post-Brexit, post-COVID world.
Ed Atterwill, head of central London at Aviva Investors, said in a statement: “We are delighted to complete this letting with Dentons, which demonstrates a continued demand from businesses for best-in-class buildings in the most connected areas of London and particularly those with market leading sustainability credentials. One Liverpool Street has stringent carbon reduction targets, aiming to lower ongoing energy needs through use of efficient materials and specific performance goals."
Paul Jarvis, chief executive of Dentons UK, Ireland and Middle East, added: “In One Liverpool Street we have selected an office that offers excellent transport links, access to fantastic local amenities and exemplary sustainability credentials. As one of the first occupants we will be able to shape the space, as we did with our recent moves into flagship offices in Dublin and Edinburgh, to balance the needs of our people and clients and drive the increased connectivity that our new strategy requires.”
Aviva Investors formed a joint venture partnership with German fund manager Allianz for the development of two mixed-use retail and office buildings at One Liverpool Street and 101 Moorgate in the City of London in February 2022.
The total gross development value is approximately £500 million. The developments bookend the eastern and western entrances of the new Elizabeth line station at Liverpool Street station, following an agreement made by Aviva Investors with Transport for London in 2019.
One Liverpool Street sits opposite the eastern entrance of the new Elizabeth line at Liverpool Street station.
Aviva Investors gained consent from the City of London Corporation’s Planning and Transportation Committee for the 10-storey office block in 2019.
JLL advises Aviva. Dentons was advised by Gardiner & Theobald, Knight Frank and Slaughter and May.
According to Savills' recent City Market Watch, April had produced the highest monthly take-up so far this year, totalling 420,641 square feet across 22 transactions. No month in 2023 had reached the average monthly take-up figure of 516,000 square feet, meaning by the end of April, the year was down 12.5% on the year-to-date 10-year average of 1.75 million square feet.
Savills points out that the future prime pipeline will remain challenged through development slippages and delays and that lack of availability for quality has added to the strong preletting trend that the City has experienced over the last three years. It reports that 26% of the 2023–27 pipeline has been prelet.