Law firm Stephenson Harwood has appointed Cushman & Wakefield to review options for an 150,000-square-foot headquarters in central London, as more than 1 million square feet of legal sector office requirements move close to being realised.
Stephenson Harwood is based in around 161,000 square feet at 1 Finsbury Circus across the first to eighth floor. Landlord China Overseas Holdings secured an extension of the firm's lease at the 207,000-square-foot building in 2020 for another five years to 2030. The City core building is directly opposite the new Elizabeth Line station at Moorgate.
Market sources this week said the firm has begun circling opportunities, as a number of requirements move closer to fruition from major law firms.
Law firm Mayer Brown, which has a lease event in 2028 at 201 Bishopsgate, where it occupies around 83,000 square feet, is understood to have shortlisted three buildings for its 120,000-square-foot to 140,000-square-foot requirement. They are One Exchange Square, alongside British Land and GIC's 2FA at the Broadgate Campus, or staying put at 201 Bishopsgate.
Law firm Herbert Smith Freehills is also searching, via retained agent Cushman & Wakefield, for up to 300,000 square feet in the capital. It is now at Exchange House on Primrose Street and has a lease expiry in 2030.
Law firm Simmons & Simmons is continuing to review options for as much as 200,000 square feet. It is advised by Cushman & Wakefield and is based in Brookfield's CityPoint tower on Ropemaker Street. It is thought to be close to a transaction with 1-5 London Wall and 1 Finsbury Avenue under consideration.
A spokesman for Simmons & Simmons said: “We are currently reviewing our future real estate requirements for the London office; this includes consideration of 1-5 London Wall as a potential option.”
Knight Frank's most recent legal sector update, in the third quarter of last year, reported a surge in activity, with take-up rising by 651% quarter-on-quarter to reach 358,299 square feet. In the quarter, the legal sector accounted for 12% of total London take-up and 21% of City take-up. Knight Frank had named demand for the sector reaching 1.29 million square feet. KF said the legal sector "remains a key player in London's real estate market, continuing to make a substantial contribution to overall take-up".
Notable recent deals included A&O Shearman’s additional 92,857 square feet at 1-2 Broadgate, as revealed by CoStar News.