Freshfields Bruckhaus Deringer has instructed Cushman & Wakefield lead a search for a new London headquarters of up to 300,000 sq ft.
The appointment comes after the law firm agreed to lease 80,000 sq ft at One New Bailey in Manchester, where it plans to relocate some London-based staff.
Freshfields occupies the whole of Employees Provident Fund’s 230,000 sq ft 65 Fleet Street, EC4, and the neighbouring 150,000 sq ft Northcliffe House.
It has a lease break on Northcliffe House in 2018 and expiries on both buildings in 2021, which is likely to be the preferred date for a move. The requirement for a new HQ, which is at an early stage, will therefore initially focus on prelet options.
EPF instructed C&W to find a buyer for 65 Fleet Street in September, seeking bids of £170m – a 5% yield.
As it is uncertain whether the law firm will move to new premises or extend its lease on Fleet Street, investors are weighing bids based on both scenarios.
There is potential for a refurbishment and possible 50,000 sq ft extension of the building should the law firm vacate.
Bids have not yet been called by C&W, however, it is anticipated that a sale will be agreed before the end of the year.
