Slaughter and May is considering relocating its London headquarters, joining the raft of other law firms in the capital looking at office moves.
The magic circle law firm, which has occupied the entire 260,000 sq ft building at 1 Bunhill Row in the City of London for more than 20 years, is understood to be on the verge of appointing an agent.
The firm prelet the entire office in 1998 at around £40 per sq ft, according to Radius Data Exchange. Radius states that the firm’s lease expiry is June 2026 with a lease break in June 2020.
Kuwaiti backed property company St Martins Corporation currently owns the building, having bought it in 2012 for around £180m – a yield of more than 5.5%. The firm acquired the property from ING Insurance and Canadian Pension Plan Investment Board.
The news comes as law firms continue to circle high-profile London office developments. Fellow magic circle law firm Linklaters is understood to be in talks to lease the majority of 20 Ropemaker Street ahead of its lease expiry in nearby Silk Street.
Meanwhile, Baker McKenzie kicked off a search for a new 150,000 sq ft London headquarters this summer. The firm currently occupies the entire building (circa 160,000 sq ft) at 100 New Bridge Street near City Thameslink train station.
Slaughters declined to comment.
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