US law firm White & Case has opted against a major office move after a lease re-gear, which will see it expand its existing office space by up to 50,000 sq ft.
The Wall Street giant will occupy the entire building at its current headquarters at 5 Old Broad Street, EC2, by expanding to the top two floors.
It means White & Case will remain at its UK base until at least 2030, after more than a year of searching for a new office in the City of London. It follows Slaughter & May’s decision to remain at its base at 1 Bunhill Row, EC1, after an office search which was called off late last year.
White & Case will occupy the new floors by the end of next year. A number of improvements are also planned, including expanded client facilities.
Executive partner Melissa Butler said the office was “a great location that’s popular with our clients and our people, and remains the ideal base from which to continue our growth and development as a leading law firm in London.”
“We’re very excited at the opportunity to try new ways of using our space and to make our office an even greater place for our people to work in and our clients and other guests to visit,” she added.
“Staying in Old Broad Street until 2030 and having control of the entire building seems to be a clear win for us over an office move at this time.”
The property has been owned by a fund managed by German investor Doric since 2005, when White & Case first moved in.
Alain Stöckli of Doric Partners said the deal “underpins the attractive proposition of the property as a landmark building in the heart of the City and is testament to the relationship with White & Case that we have built over more than a decade”.
White & Case was advised by JLL and Doric by Cushman & Wakefield.
To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews
