The PricewaterhouseCoopers team that is handling the administration of Lehman Brothers from the failed bank’s former HQ in
The accounting giant has appointed Knight Frank to look for up to 70,000 sq ft in the Square Mile to house the 750 PwC and ex-Lehman staff working on the administration.
Headline rents in the City have fallen by 40% to £47.50 per sq ft over the past 15 months, according to King Sturge, and rent-free periods as long as four years are now available.
Rents at the bank’s former offices in the 1m sq ft tower at
Barry Gilbertson, a partner in PwC’s real estate restructuring team, said: “We are looking at alternative office space, but only as part of our normal strategy to offer the optimum cost benefit for all creditors.”
* Law firm Stephenson Harwood has renewed the 100,000 sq ft requirement it put on hold in March last year. Knight Frank is advising.
