Land Securities has confirmed it has secured its first tenant at its £500m One New Change scheme in the City of London.
US legal firm Kirkpatrick & Lockhart Preston Gates Ellis, K&L Gates, is to take 120,000 sq ft, or 35% of the LandSecs scheme which will occupy a 2.5 acre site overlooking St Paul’s Cathedral.
It will take space, spread across the 4th and 5th floors, for a minimum term of 15.5 years. K&L Gates will also retain an option on a further 16,000 sq ft on the fourth floor until 12 months prior to completion.
K&L Gates occupies 75,000 sq ft in another Land Securities scheme at 110 Cannon Street. It will move to the 560,000 sq ft Jean Nouvel-designed scheme in 2011, a year after the scheme is completed.
The lease terms have not been disclosed but it is thought to have agreed a rent in the ‘low £60s’.
K&L Gates which is part-owned by William H Gates II, the father of Microsoft founder Bill Gates has 1,400 lawyers in 22 offices across North America, Europe and Asia.
DTZ advised Land Securities and CB Richard Ellis advised K&L Gates.
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