The lawyers have taken a 15-year lease on the ninth and 10th floors of the building, totalling 31,500 sf. The rent has been agreed at £43 ($80) per sf with a rent free period of 31 months. One London Wall was completed in October 2003 at a total development cost of approximately £97 million ($180 million).
The developers are hopeful that the letting presages an upturn in the city leasing market, and Hammerson chief executive John Richards says: "At the time of our interim results last August, we commented on the marked increase in tenant enquiries. I am delighted that we have been able to translate this interest into a first letting at One London Wall. We are currently in discussions with several other potential occupiers in respect of the remaining space."
Morgan Pepper and DTZ are letting agents and Hammerson and Kajima's legal advisers were Nabarro Nathanson and Herbert Smith. Dewey Ballantine was advised by Gerald Eve and Ashurst.
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