Location called to account

City banks’ and law firms’ conservative approach to business is belied by their locational habits, as new research shows. By Lawrence Higgins Ten years is a long time in the City office market. The past decade spans a period of boom and bust, mergers, acquisitions, consolidations and huge corporate evolution. As such, it is not surprising that Knight Frank’s research into City occupier movements should find that all but one of the key banks occupying space in the Square Mile have changed their addresses, and taken on, or got rid of, extra floorspace. The Bank of America has remained at 1 Aylie Street for the whole decade, the sole bank to stand firm. Although City-based law firms have undergone as much corporate change as the banks, four of them have remained at exactly the same address for the whole of the 1990s. A reassuring aspect of the research for the City is that none of the key 10 banks or 15 law firms surveyed have actually completely vacated the vicinity. A couple have strayed over the border into Midtown, Hackney and Islington, but only just over. Meanwhile, those that have taken new headquarters premises in the likes of Docklands or Midtown have retained a sizeable presence in the Square Mile. And, despite all the talk of downsizing and consolidation, only one of the 25 key occupiers listed actually occupies fewer buildings than it did in 1990. Occupier survey: Bank movements 1990-2000 Occupier survey: Law-firm movements 1990-2000 Only one key bank in the Square Mile stood its ground…. ….while four law firms stayed put for the decade Ref Bank Address:2000 [Shown on map] Address: 1995 Address: 1990 Ref Legal firm Address: 2000 [Shown on map] Address: 1995 Address: 1990 1 Bank of America 1 Aylie Street 1 Aylie Street 1 Aylie Street 1 Clifford Chance 200 Aldersgate Street 6 Bridewell Place; 200 Aldersgate Street Lloyds Building; 19 New Bridge Street; 122 Cheapside; Bow Bells House, Cheapside; Royex House, Aldermanbury Square 2 Bank of Tokyo 12-15 Finsbury Circus; 6 Broadgate 12-15 Finsbury Circus 12-15 Finsbury Circus 2 Freshfields Bruckhaus Deringer 65 Fleet Street; 24 and 26 Tudor Street 65 and 118-119 Fleet Street 65 and 118-119 Fleet Street 3 Credit Suisse Tower 42, Level 32 155 Bishopsgate 24 Bishopsgate 3 Allen & Overy 1 New Change 1 New Change 1 New Change 4 ABN Amro 1 Aylie Street; 40 Artillery Lane; 199 and 250 Bishopsgate 101 Moorgate 101 Moorgate; 5-9 Well Court 4 Linklaters and Alliance 1 Silk Street Barrington House, Gresham Street Barrington House and Clements House, Gresham Street 5 Goldman Sachs Peterborough Court, 133 Fleet Street; Procession House; 1 Carter Lane; 250 City Road Peterborough Court Peterborough Court 5 Lovell White Durrant Atlantic House, Farringdon Street/45-50 Holborn Viaduct Kimberley House, Holborn Viaduct; 65 Holborn Viaduct 14 and 65 Holborn Viaduct, Kimberley House, Holborn Viaduct 6 Merrill Lynch 20 Farringdon Road; 1 Portsoken Street; 33 King William Street; Milton Gate; 48 Chiswell Street; 25 Ropemaker Street; King Edward’s Buildings 25 Ropemaker Street 25 Ropemaker Street 6 Herbert Smith Exchange House, Primrose Street Exchange House, Primrose Street Exchange House, Primrose Street 7 JP Morgan 60 Victoria Embankment; Thames Court; Vintners Place; 1 Angel Court; 100 New Bridge Street 60 Victoria Embankment; 1 Angel Court 60 Victoria Embankment 7 Denton Wilde Sapte 1 Fleet Place; 5 Chancery Lane; 107-112 Leadenhall Street 1 Fleet Place; 5 Chancery Lane 5 Chancery Lane; Queensbridge House, Upper Thames Street; 122 Chancery Lane; Strandbridge House 8 Chase Manhatten 125 London Wall; Crosby Court; 10 Aldermanbury; 100 Wood Street Woolgate House, 125 London Wall Woolgate House; Coleman Street 8 Norton Rose Kempson House, Camomile Street Kempson House, Camomile Street Kempson House, Camomile Street 9 Deutche Bank 1 Great Winchester Street; 46 New Broad 133 Houndsditch; 33 Old Broad Street; 55 and 99 Bishopsgate; 1 Appold Street; 6-8 Bishopsgate; 145 and 150 Leadenhall Street; 85 London Wall Buildings 133 Houndsditch; 145 Leadenhall Street; 150 Leadenhall Street; 6-8 Bishopsgate; 23 Great Winchester Street 6 Bishopsgate Street; 9 CMS Cameron McKenna Mitre House, 160 Aldersgate Street; Sceptre Court, 40 Tower Hill; Lloyds Building Sceptre Court, 40 Tower Hill; 160 Aldersgate Street Sceptre Court, 40 Tower Hill; 160 Aldersgate Street 10 Banco Bilbao Vizcaya SA 100 and 108 Cannon Street 100 and 108 Cannon Street 100 Cannon Street 10 Simmons & Simmons City Point, Moor Lane 21 Wilson Street; 10 and 14 Domminion Street 21 Wilson Street; 10 and 14 Domminion Street 11 Asthurst Morris Crisp Broadgate West, Appold Street; Broadwalk House, 5 Appold Street; 14-22 Elder Street Broadwalk House, 5 Appold Street; 14-22 Elder Street Broadwalk House, 5 Appold Street 12 Slaughter & May 35 Basinghall Street; 4 Coleman Street 35 Basinghall Street; 4 Coleman Street; Guildhall Chambers, Coleman Street 35 Basinghall Street; Guildhall Chambers, Coleman Street; Austral House, Basinghall Street 13 Nabbaro Nathanson Lacon House, Theobold’s Road Stratton Street Stratton Street 14 Baker & McKenzie 100 New Bridge Street 100 New Bridge Street 100 New Bridge Street 15 Dibb Lupton Alsop Shelley House, 3 Noble Street 5 Dowgate Hill; Alban Gate; Monkwell House, Wood Street 5 Dowgate Hill; Monkwell House, Wood Street Source: Knight Frank Schemes completed and under construction in the City this year Some 224,000m2 was under construction between January and October, while work had begun on a further 62,000m2. So far this year, 98,000m2 has been completed Ref Address Developer/ funder Size (m2) Finish date Ref Address Developer/ funder Size (m2) Finish date Completed January-October 1 Fleet Place House, EC4 Heron 8,361 Mar 00 12 25 Cannon Street, EC4 Pembrook Real Estate 10,684 Jul 00 2 16 Old Bailey, EC4 Hammerson UK 8,872 Jun 00 13 Christchurch Court, Paternoster Square, EC4 Pillar/ Prudential 26,013 Dec 00 3 7 Newgate Street, EC4 AXA Real Estate Ivst Mgrs 7,154 Mar 00 14 Woolgate House, Coleman St, EC2 MEPC 32,516 Jul 00 4 100 Wood Street, EC2 Helical Bar/Despa 13,936 Feb 00 15 City Point, Ropemaker St, EC2 Wates 50,168 Oct 00 6 21 Lombard Street, EC4 Natwest Group Property 10,870 Jun 00 16 15-17 King Street, EC2 City & Provincial 1,858 Jul 00 7 30-34 New Bridge Street, EC4 Scottish Widows 2,230 Apr 00 17 50 Finsbury Square, EC2 Standard Life 12,078 Jul 00 8 33 Cornhill, EC3 Osborne Group 1,254 Feb 00 18 117 Houndsditch Northill Properties 1,421 Sep 00 9 8-10 Old Jewry, EC2 The Grocers Company 5,388 Mar 00 19 48 Gracechurch Street Helical Bar 1,984 Jul 00 10 26 Throgmorton Street, EC2 Taylor Woodrow 1,533 Feb 00 20 32 St Mary at Hill Fairplay Towage & Shipping 5,574 May 00 11 Barrington House, Gresham Street, EC2 Legal & General/Stanhope/CGI 27,871 Jun 00 Under construction January-October 21 Atlantic House, Holborn Vdt, EC1 Prudential 22,111 Dec 00 27 11 Philpot Lane, EC3 Taylor Woodrow 3,019 Nov 00 22 33 Holburn Paul Hamlyn Ventures 21,925 Mar 01 28 Blackfriars Court, Pilgrim St, EC4 Development Securities 10,219 Dec 00 23 120 Fleet Street, EC4 Itochu 32,516 Sep 00 29 Northcliffe House, Bouverie/Tudor St, EC4 Hilstone Corporation 16,816 Feb 01 24 King Edward Building, EC1 Merril Lynch 50,633 Jun 01 30 Northgate House, 28 Moorgate MEPC 12,484 Oct 01 25 25 Chiswell Street, EC1 Helical Bar/DESPA 24,155 Nov 01 31 Premier Place, Houndsditch, EC2 AXA Real Estate Ivst Mgrs 20,903 Jun 01 26 70 Gracechurch Street, EC3 Marks & Spencer 8,919 Q3-01 New schemes started January-October 32 43 Worship Street Barrowgate Properties 2,880 Feb 01 38 Athene Place Scottish Widows 11,241 Dec 01 33 1 Plough Place, Fetter Lane, EC4 Helical Bar 5,040 May 01 39 10 Gresham Street Standard Life 22,946 Nov 02 34 8-10 Throgmorton Avenue ASDA Property 2,415 Apr 01 40 29 Gresham Street Asticus (UK) 10,704 Aug 02 35 280 Bishopsgate, EC2 Hammerson UK 24,712 Oct 01 41 1 Royal Exchange Buildings R E Properties 1,301 Jan 01 36 Lion Plaza Lionheart/Thorstone 17,652 Oct 02 42 The Court, Tudor Street Osbourne Group 8,361 Sep 02 37 27 Finsbury Square Scottish Widows 9,290 Mar 02 43 Broken Wharf Hse, Upr Thames St Image Green 3,795 Jul 01 Source:Drivers Jonas