Magic circle law firm Allen & Overy is considering relocating its London office from One Bishops Square, E1.
Capital Real Estate Partners has been brought in to advise the firm.
Allen & Overy has a lease for 542,344 sq ft at the Spitalfields property which expires in 2030, according to Radius Data Exchange. However, it is understood there is a lease break option in 2027.
A spokesperson for Allen & Overy said: “With over 40 offices around the world, we have leases in effect with various expiration dates and always plan ahead appropriately.
“Our London office lease does not expire until 2030 but as part of our usual forward planning we are collating information on possible options for when the lease comes to an end, including staying in our current building or moving to different premises.”
The firm joins a long list of other legal firms with substantial space requirements looking at office relocations in London, including White & Case, Slaughter and May and Hogan Lovells.
The long leasehold over One Bishops Square was bought by two funds managed by JP Morgan Asset Management in 2010 for £557m, reflecting a net initial yield of 6.1%, from Hammerson and Oman Investment Fund.
Built in 2005 by Hammerson it provides around 773,925 sq ft of office space that was at the time of the sale of the property fully leased to Allen & Overy, as well as 49,513 sq ft of retail space.
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