Law firm Charles Russell has pulled out of negotiations to move its headquarters to UBS Global Asset Management’s 85 Fleet Street in the City of London.

The law firm had been under offer since last month to take the most of the space in the building but UBS said that the negotiations had broken on Monday.

The 96,000 sq ft (8,918 sq m) office redevelopment in Midtown is now available again, and UBS is seeking a rent of more than £50/ sq ft £538.2/ sq m).

Alex O’Connell, executive director, UBS Global Real Estate said: ‘While we are disappointed not to conclude the transaction with Charles Russell, we are very excited at the prospect of launching our first development of this cycle into a strong occupational market.’

Rupert Perkins, partner at letting agents King Sturge, said: ‘85 Fleet Street is the only completed grade A building over 75,000 sq ft in Midtown and we are very confident that it will generate interest quickly.’

King Sturge and Knight Frank are letting agents.

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