Brookfield is considering redeveloping or a major refurbishment of 99 Bishopsgate, EC2, after main tenant Latham & Watkins decided to relocate its London headquarters.
The law firm has placed 199,000 sq ft under offer at Brookfield’s 1 Leadenhall development opposite the upcoming 8 Bishopsgate tower from Mitsubishi Estate London, according to the latest Marketview central London report from CBRE.
The firm has been at 99 Bishopsgate since 1999, according to Radius Data Exchange. It is understood that the earliest move date for Latham & Watkins would be 2025.
Two people familiar with Brookfield’s plans said the company is now considering several options for 99 Bishopsgate, including demolishing the building or undertaking a full refurbishment.
Brookfield has a long leasehold over the 28-storey tower after selling the 80% of the freehold in 2015 to the Qatar Investment Authority and China Life Insurance for £272m.
Hammerson previously owned the long leasehold on the building and oversaw its reconstruction between 1994 and 1995 after it was damaged by an IRA bomb in 1993. It sold the leasehold back to Brookfield in 2012.
Other tenants currently in the building, which provides 340,000 sq ft of office space and has 50 car parking spaces, include Bank of Taiwan, flexible office provider Landmark and the Korean Development Bank.
CBRE’s report also said law firm Travers Smith had agreed to take 148,400 sq ft at Ivanhoé Cambridge’s revamp of Stonecutter Court, EC4.
A spokesman for Travers Smith said: “We can confirm that we have had some discussions with the owners of this site. We are currently considering all options in relation to our physical office, including whether we stay where we are when our lease expires.”
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