Midtown is changing. Technology, media and telecommunications companies are now the largest occupier by sector, having increased their presence by 29% over the past eight years.
EGi Research shows the sectors’ footprint has now overtaken law firms, with 6.8m sq ft occupied in 2016, compared to the 6.4m sq ft taken by professional services firms which includes the legal sector.
The traditional legal heartland which is home to the Inns of Court has recently attracted high-profile creative companies such as global communications and advertising agency Saatchi & Saatchi, which has moved into Derwent London’s 40 Chancery Lane, WC2.
Aiming to attract both legal and TMT occupiers, Aberdeen Asset Management and Endurance Land have today launched The Cursitor building, which comprises 65,952 sq ft of offices over eight levels at 38 Chancery Lane.
Jules Hind, partner and head of leasing and development at Farebrother, which is joint leasing agent with Cushman & Wakefield on the building, said: “Clerkenwell, Smithfield and Bloomsbury were cool and full of creative occupiers way before Shoreditch.
“Midtown is in the centre of London, it’s easy to get to. The price hikes in the West End and relatively soulless City do not seem to attract tenants from across London as Midtown does.
“We don’t think it’s an accident that WeWork and Workspace have opened several large centres in Midtown; they are looking to capture that very creative occupier base which is inherent throughout this part of London.”
Midtown – the new home of TMT
■ Oscar-winning British special effects firm Framestore is close to completing a deal to occupy the entire 100,000 sq ft of offices at Viridis Real Estate’s 28 Chancery Lane.
■ ITV has agreed a deal to take around 90,000 sq ft of new offices at M&G Real Estate’s 2 Waterhouse Square, EC1.
■ Hollywood film-maker Warner Brothers has agreed to extend its lease at 98 Theobald’s Road, WC1, until at least 2034.
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