Hammerson plc : Latham & Watkins LLP expands with Hammerson

Hammerson has agreed a new letting and an extension to the existing lease with leading law firm Latham & Watkins LLP at 99 Bishopsgate, EC2.

An agreement for an additional 2,190m² (23,600ft²) has been signed over the ground and 21st floor. The existing lease for 10 floors of office space totalling 9,390m² (101,080ft²) has also been extended by a further five years until 2021.

Latham & Watkins LLP originally took three floors in 99 Bishopsgate totalling 2,790m² (30,000ft²) in 1999. The London based Latham & Watkins LLP team has since grown from a total staff of 41 (including 21 lawyers) to 397 (including 233 lawyers) and following the recent deal its office floor space totals 11,575m² (124,600ft²).

The new letting comprises part of the Deutsche Bank space which Hammerson took back in December 2011. Hammerson is undertaking a refurbishment of the remaining 12,080m² (130,000ft²) space which will be completed by summer 2012.

John Mulqueen, Hammerson Director London Group commented: "We are delighted to support the continuing success of Latham & Watkins and to have secured their long term commitment to 99 Bishopsgate.

"The building has a strong appeal to occupiers and is recognised as one of the best addresses in the City. Our investment programme will ensure that it maintains its position as a leading City of London building." 

Nick Cline, Latham & Watkins' London Office Managing Partner commented: "Our decision to acquire more office space at 99 Bishopsgate is indicative of the importance the firm places on the London office, the growth of the office to meet the needs of our clients and our plans to continue this expansion in to the future."

Other tenants at 99 Bishopsgate include Korea Development Bank, Deutsche Bank and Charles River Associates International.
CBRE advised Hammerson and Savills acted on behalf of Latham & Watkins LLP. CBRE and Jones Laing LaSalle are leasing the refurbished space.

Notes to Editors:

99 Bishopsgate is a 26 storey tower providing 31,500m2 (340,000 ft2) of office accommodation in the centre of the City of London. Of the 130,000 ft2 currently being refurbished, 118,000 ft2 at the lower podium levels will be available in April 2012 at rents from £45psf, and up to a 15 year lease. The building does not attract VAT on rent, which reduces costs for financial and insurance businesses who are unable to fully recover VAT.

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