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Addleshaw Goddard has signed a lease for a third City office, despite plans to move all of the firm's London-based staff into one building by 2009.
The firm is taking 46,000sq ft in Aldercastle House on Noble Street. The premises was formerly occupied by Tite & Lewis, the former law firm of accountancy giant Ernst & Young (E&Y), which merged with Lawrence Graham at the end of 2004. The lease, which was signed last week, runs for six years, with a break clause in 2009.
In addition to Aldercastle House, Addleshaws has 80,000sq ft and 20,000sq ft in Aldersgate Street and Cannon Street respectively.
Addleshaws is planning to surrender the lease for Cannon Street in mid-2006. However, the lease for Aldersgate Street is not due to expire until 2018 and it is understood that it does not contain a break clause.
An Addleshaws spokesperson admitted that taking on a third building was only a short-term solution. The spokesperson also said the Aldersgate lease was sufficiently flexible and that the firm is exploring the possibility of subletting.
The spokesperson declined to comment on the price per sq ft Addleshaws is paying for its new premises, but it is understood that the landlord has given the firm a rent-free period.
Addleshaws will be relocating the firm's property and finance divisions to Noble Street in May.