International law firm Simmons & Simmons has agreed a lease with Malaysian property group IJM Corporation Berhad to move to its next London office to 25 Finsbury Circus, EC2.
Jeremy Hoyland, managing partners at Simmons & Simmons, said the decision to commit to the development aligns with the company’s growth objectives as the company strives to “remain highly competitive in the years ahead”.
On its move in 2030, Simmons & Simmons will move from its current base nearby at Brookfield Properties’ CityPoint tower at 1 Ropemaker Street, EC2, where the company currently occupies around 150,000 sq ft.
The company had originally occupied just over 280,000 sq ft in the tower in 1998 on a 25-year lease but has since reduced its floorspace in the tower.
The £150m refurbishment and extension of 25 Finsbury Circus, which is set to complete in the next three years, will deliver a building with a projected value of £380m and around 230,000 sq ft of workspace – an uplift of more than 43,000 sq ft.
The 143-year leasehold interest in the Grade II listed 1-5 London Wall building, which has since been rebranded as 25 Finsbury Circus, was acquired by IJM for £72.5m from Angelo Gordon and Endurance Land earlier this month.
The pair previously bought the site for £97.1m from the City of London in 2018 and secured planning permission for the development in 2020.
Cushman & Wakefield advised Simmons & Simmons
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