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275,000 sqft: Clifford Chance and BLP advise on Deloitte lease with Land Securities

Clifford Chance (CC) and Berwin Leighton Paisner (BLP) have both landed a significant instruction on accountancy giant Deloitte’s major pre-let of the entire building of 1 New Street Square, in a deal that will see Deloitte acquire 275,000 square foot of space on a 20-year lease at the site.

With construction due to complete in June 2016, Deloitte is adding to the 256,000 square foot of space it already has at the adjacent 2 and 3 New Street Square.

CC advised Deloitte with a team led by real estate partner Mark Payne, head of planning & environment Nigel Howorth, director of construction Marianne Toghill, and head of real estate tax David Saleh.

BLP advised its longstanding client Land Securities, which is acting as the landlord, with partners Robert MacGregor and Juliet Thomas. Other work picked up by the firm for Land Securities includes the £2bn Victoria redevelopment project to provide new luxury homes, shops, offices and improved transport facilities alongside Freshfields Bruckhaus Deringer, Nabarro, CMS Cameron McKenna, Hogan Lovells and Eversheds.

CC partner Payne said: ‘I was personally delighted to work with Deloitte once again. This is a significant pre let in the City of London and will enable Deloitte to conclude the next phase of consolidating its London campus which first started in 2009. Working closely with Deloitte’s property and legal teams led by William Esplen, director of property and Caryl Longley, general counsel, our team was able to provide Deloitte with a one-stop-shop for its requirements and this is exactly the sort of transaction where Clifford Chance can really add value to our clients.’

For more on real estate activity, see Back in the game – revival at last for real estate but the players have changed