LONDON-Latham & Watkins LLP, based in Los Angeles, has expanded and extended its office lease at 99 Bishopsgate here. The company moved into about 23,600 square feet of the space that was vacated by Deutsche Bank, and added on another five years for its total 124,600-square-foot lease until 2021.
The company started at the 340,000-square-foot building with 30,000 square feet in 1999. Deutsche Bank, the anchor tenant, pulled out of about 150,000-square-feet in December, though still leases a small section in the building.
Hammerson acquired a 999-year leasehold in the building for about $150 million from owner Prudential Assurance Co. Ltd. in July 2011. Other tenants include Korea Development Bank and Charles River Associates International.
Hammerson now is refurbishing the remaining former Deutsche space, with the work expected to be complete by summer 2012. Most of the renovated space will be available at about $70 per square foot for up to 15 years, according to a Hammerson statement. CBRE and Jones Lang LaSalle are marketing the space.
London has been the main target of world investors and office users, experts say. Nick Kline, managing partner of the local Latham office, said in the statement that the expansion is “indicative of the importance the firm places on the London office.” The company also recently announced it is also expanding from its 144,000-square-foot Chicago offices at the Willis (former Sears) Tower to 160,000 square feet at the former IBM Building.
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