International law firm Trowers & Hamlins, acting on behalf of Permodalan Nasional Berhad (PNB), advised LaSalle Investment Management on the pre-lets of One Exchange Square, a state of the art office development at Broadgate Campus in the City of London.
Law firm Gibson, Dunn & Crutcher has agreed to lease 154,000 sq ft across floors eight to 12. Reinsurance business Pacific Life RE will occupy a further 84,000 sq ft on floors six and seven. Trowers had previously advised on the pre-let of 102,000 sq ft to FTI Consulting, which will occupy three floors.
Around 90% of the original building’s structure has been retained during the refurbishment. As a result, the embodied carbon is expected to be 50% lower than a typical new-build office of comparable size, and the building will be fully electric and net zero carbon in operation.
Trowers advised the client on the agreements for lease and leasing matters, including Real Estate, Construction, Planning and Tax advice, balancing the need to deliver the building’s sustainability credentials while ensuring the building meets the tenants’ operational requirements.
Ben Neary, Partner at Trowers & Hamlins commented:
"We were pleased to support LaSalle Investment Management on the pre-lettings at One Exchange Square, working closely with all parties to deliver a series of complex transactions on a landmark redevelopment. The project demonstrates how high quality commercial real estate can combine strong sustainability credentials with the operational requirements of global occupiers."
The Trowers team was led by Real Estate Partners Sam Folley, Ben Neary and Patrick Morris, and Construction Partner James Huckstep. They were supported by George Dowson, Katie Evans, Lucie Allen (Real Estate), Jessica Barnes, Natalie Dawson-Goodey Cristóbal, and Natasha Kaulsay (Construction), Jasmine Ratta (Planning) and Alex Barnes (Tax).
