The firm’s Cannon Place headquarters will reportedly be put up for sale with a guide price of £510m in the second half of 2017, with Savills and CBRE retained as selling agents. The information provided by property database CoStar reports that suitors Nabarro and Olswang will move into around 80,000 square feet of unoccupied space at Cannon Place following the 1 May 2017 merger date, with landlord Hines planning to then place the building up for sale later in the year.
Unclear implications
It is not yet clear whether the newly merged firm will continue to rent space at Cannon Place following the building’s sale, or what the terms of its rental agreement might be under the new landlord. CMS Cameron McKenna’s current long-term lease at Cannon Place – which covers around 140,000 square feet across three floors – was struck in 2014 and reflects a competitive £67.50 per square foot and includes a six-year rent-free period. Olswang is currently occupying 182,000 square feet worth of office space while Nabarro occupies around 100,000, with the two firms’ leases set to expire in 2022 and 2025 respectively.
Sources: The Lawyer; Legal Business
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