Allen & Overy, a London law firm, have announced plans to consolidate their offices into a hub in central London. The firm will relocate 200 staff from their 64,500 sq ft Canary Wharf office to headquarters in Bishopsgate.
The Canary Wharf office will still be part-retained with the law firm using 21,500 sq ft on the top floor for meeting facilities – the remaining 43,000 sq ft of office space, spread over three floors, will be sub let.
The Bishopsgate headquarters offer 850,000 sq ft of office space at 1 Bishops Square, with a rent of £45 per sq ft – respectable for the London area. Both buildings are agreed on a 25-year lease that began in 2002.
A spokesperson for Allen & Overy said, “Following a review of our facilities requirements we will be relocating members of the London Banking team and some support staff from Canary Wharf to Bishops Square.”
The spokesperson added, “We will maintain meeting facilities in Canary Wharf so clients will experience no difference in the levels of service they receive from Allen & Overy.”
In related London news, law firm McDermott Will & Emery are due to vacate current premises on Threadneedle Street and occupy space within the new Heron Tower, obtaining a respectable valuation of £50 per sq ft.