NEWS AT DEVONO

Occupiers scramble as 170,000 sq ft lets up in City/Canary

Final terms were being agreed on more than 170,000 sq ft of leasing deals in the City and Canary Wharf this week as occupier confidence continues to rise in the capital. 

In Docklands, JP Morgan has sublet 26,000 sq ft on the fourth floor of 5 Churchill Place to Ipagoo, an online virtual banking firm. 

Ipagoo, part of Orwell Union Partners, will pay a rent in the early £30s per sq ft on a 10-year lease, and will relocate from its City base at 110 Fenchurch Street. 

DeVono Cresa advised Ipagoo; CBRE acted for JP Morgan. 

In the City, law firm DAC Beachcroft has agreed terms to take just over 20,000 sq ft at Axa Real Estate Investment Managers and Blackrock’s 6 Bevis Marks, at a rent of around £55 per sq ft. 

Squarebrook and JLL are joint leasing agents on the building. 

Pembroke Real Estate this morning confirmed that Fox Williams and Pantheon have agreed deals to move to 10 Finsbury Square (pictured). The two leases represent approximately 42,600 sq ft, or 29% of the new property. 

Fox Williams, a business law firm, will occupy the sixth and part of the fifth floor, totalling c.24,900 sq ft and Pantheon, a private equity funds manager, has signed for 17,700 sq ft on the fourth floor and will be leaving its current St James’s Square HQ. 

The 150,000 sq ft building is now 74% let or under offer with 39,201 sq ft still available to lease. 

Knight Frank and Cushman & Wakefield are joint letting agents for 10 Finsbury Square. Cushman & Wakefield acted for Fox Williams and Fredrick Holt acted for Pantheon. 

Also at 10 Finsbury Square, the London Metal Exchange is close to completing its deal to take around 50,000 sq ft in the building across the lower ground, ground and first floors. 

A spokesperson for the company said: “The LME and LME Clear plan to move to an exciting new location at 10 Finsbury Square to accommodate the growth in staff numbers over the past two years. The LME trading floor, the Ring, will also be moved to the new offices. The relocation is expected to take place by Q1 2016.”

Separately, UK and Ireland risk and insurance law firm BLM, this week announced that its entire London operations would move to 36,000 sq ft of office space at Plantation Place on 10 March 2015. 

The move, which has been 18 months in the planning, will see its 340 London based staff operate from the building.

Final terms were being agreed on more than 170,000 sq ft of leasing deals in the City and Canary Wharf this week as occupier confidence continues to rise in the capital.
 
In Docklands, JP Morgan has sublet 26,000 sq ft on the fourth floor of 5 Churchill Place to Ipagoo, an online virtual banking firm.
 
Ipagoo, part of Orwell Union Partners, will pay a rent in the early £30s per sq ft on a 10-year lease, and will relocate from its City base at 110 Fenchurch Street.
 
DeVono Cresa advised Ipagoo; CBRE acted for JP Morgan.
 
In the City, law firm DAC Beachcroft has agreed terms to take just over 20,000 sq ft at Axa Real Estate Investment Managers and Blackrock’s 6 Bevis Marks, at a rent of around £55 per sq ft.
 
Squarebrook and JLL are joint leasing agents on the building.
 
Pembroke Real Estate this morning confirmed that Fox Williams and Pantheon have agreed deals to move to 10 Finsbury Square (pictured). The two leases represent approximately 42,600 sq ft, or 29% of the new property.
 
Fox Williams, a business law firm, will occupy the sixth and part of the fifth floor, totalling c.24,900 sq ft and Pantheon, a private equity funds manager, has signed for 17,700 sq ft on the fourth floor and will be leaving its current St James’s Square HQ.
 
The 150,000 sq ft building is now 74% let or under offer with 39,201 sq ft still available to lease.
 
Knight Frank and Cushman & Wakefield are joint letting agents for 10 Finsbury Square. Cushman & Wakefield acted for Fox Williams and Fredrick Holt acted for Pantheon.
 
Also at 10 Finsbury Square, the London Metal Exchange is close to completing its deal to take around 50,000 sq ft in the building across the lower ground, ground and first floors.
 
A spokesperson for the company said: “The LME and LME Clear plan to move to an exciting new location at 10 Finsbury Square to accommodate the growth in staff numbers over the past two years. The LME trading floor, the Ring, will also be moved to the new offices. The relocation is expected to take place by Q1 2016.”
 
Separately, UK and Ireland risk and insurance law firm BLM, this week announced that its entire London operations would move to 36,000 sq ft of office space at Plantation Place on 10 March 2015.
 
The move, which has been 18 months in the planning, will see its 340 London based staff operate from the building