International law firm Reynolds Porter Chamberlain has pulled out of its deal for 101 Moorgate, EC2.
EG revealed in September that the company was under offer to lease the whole of the building, owned by Aviva Investors.
The company had been close to finalising the deal for its new London headquarters, for which it would have paid in the high £80s per sq ft for the 70,000 sq ft property.
The company had appointed RX London to lead its search for a new office ahead of its current lease expiry at Tower Bridge House, SE1, in 2027.
The deal is understood to have fallen through due to several factors, including a lack of compromise on lease terms.
A spokesperson for Reynolds Porter Chamberlain said: “Discussions regarding any potential relocation remain confidential, and we are unable to comment further at this time.”
The deal’s collapse could, however, present an opportunity for owner Aviva Investors to reap the rewards of rising rents, as prime City rents increased by 7.5% last year to £98.60 per sq ft, according to Savills.
A spokesperson for Aviva Investors said: “101 Moorgate remains one of the flagship development schemes in the City of London. Offering exceptional facilities in a market with constrained supply and significant rental growth, we are confident in our ability to maximise its performance within the portfolio.”
Cushman & Wakefield and JLL are leasing agents for the building, which is due to complete imminently.
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