Wedlake Bell is to take a new City of London headquarters at 71 Queen Victoria Street, EC4, in a deal that is expected to trigger the sale of the building.
The law firm is under offer for 45,000 sq ft at the 200,000 sq ft block, which completed in 2014, leaving just the 31,000 sq ft sixth floor still available.
A private Israeli investor bought the site, together with neighbouring 77 Queen Victoria Street, in 2007 for £135m, financed with a £100m loan from ABN Amro and £20m of junior debt from Investec.
Investec stepped in to rescue the development in 2011 when it became distressed with a new £65m loan. A £15m equity injection from the private investor allowed it to retain control.
Both parties are now considering a sale of the development, having already sold 77 Queen Victoria Street, which Beltane has subsequently redeveloped.
Savills has been providing investment advice and is expected to handle the sale. Bids of more than £200m are expected.
Rents on the lower floors are around £60 per sq ft.
Wedlake Bell will occupy the top two floors, which command a premium. It is currently based at 52 Bedford Row, WC1.
Wedlake Bell managing partner Martin Arnold said: “I can confirm that we are in the process of considering a move to 71 Queen Victoria Street. Once the position becomes clear we will make an announcement.”
CBRE, GM Real Estate and Cushman & Wakefield are leasing agents; GN2 advised Wedlake Bell. All parties declined to comment on the sale.
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