Law firm Pinsent Masons is poised to take around 45,000 sq ft of offices at IM Properties’ 55 Colmore Row office building which is currently being refurbished and extended.
The 160,000 sq ft building is Pinsent’s preferred choice to house its Midlands headquarters. No deal has yet been signed.
The building has been chosen ahead of 2 Cornwall Street and Colmore Plaza.
The long running requirement was originally thought to be for circa 60,000 sq ft. Pinsent Mason has a lease event in its space within the neighbouring Wesleyan building in February 2017.
55 Colmore Row is located on the city’s prime office pitch and in the heart of the central business district. IM Properties is undertaking a £30m redevelopment of the building, which previously housed fellow law firm Wragge & Co before it relocated to Two Snowhill last year.
The building will provide the largest amount of office space to be delivered in one building in the city centre when works complete, adding three new floors and reconfiguring the layout with floor plates ranging from 18,000 sq ft – 24,000 sq ft.
The rear elevation on Barwick Street is being removed and replaced with a full-height glazed façade, with space for two restaurants at street level.
Pinsent Mason is likely to pay around £30 per sq ft for the new space and take occupation once the scheme completes in autumn 2016.
IM acquired the building from Sterling Property Ventures and Kames Capital for £33m in 2014.
JLL advised Pinsent Masons, while CBRE and Savills are letting agents for 55 Colmore Row.
