Slaughter and May has decided to renew its lease at One Bunhill Row, EC1, in the City of London after exploring potential relocation options.
The magic circle law firm had brought in Knight Frank to advise it on its options, as revealed by EG in March, due to its lease expiring in 2026.
It has now agreed to lease the entire 260,000 sq ft building for another 10 years to 2036.
The firm prelet the entire office in 1998 at around £40 per sq ft, according to Radius Data Exchange, and has occupied the property since 2002.
Kuwaiti-backed St Martins Corporation currently owns the building, having bought it in 2012 for around £180m – a yield of more than 5.5%. The firm acquired the property from ING Insurance and Canadian Pension Plan Investment Board.
Slaughter and May executive partner Paul Stacey said: “We completed an extensive search of potential properties across central London, carefully examining a number of options. As a result of what was a thorough process, the partners have decided that One Bunhill Row remains the right premises for us. The building is an important part of our identity and is recognised as such by our staff, clients and all those connected with the firm.”
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