Cadwalader to reduce City office space by up to 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.