Cadwalader to reduce City office space by up to half

Cadwalader Wickersham & Taft has signalled its intent to permanently downsize its London operations by finalising an office move that will see it reduce its space in the City by almost half.

The US firm, which ­currently occupies roughly 35,000sq ft at 265 Strand, is making a final decision between three possible new locations with floor spaces of around 18,000sq ft. One potential building is 69 Old Broad Street.

The lease on Cadwalader’s current building features a rolling one-year break clause.

The firm took the ­decision back in February to search for smaller premises, ­meaning it will have to vacate its current office by February 2010. It hopes to move into a smaller space by December this year.

The firm’s headcount has dwindled in London in recent months following a high number of redundancies and partner defections in the City.