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CMS Cameron McKenna has pulled the plug on its agreed relocation to new office premises in the City.
The firm’s decision to back out of its long-term premises commitment is the result of unstable market conditions, says senior partner Dick Tyler.
Camerons had been in lengthy talks with property developer Hammerson and had agreed initial heads of terms regarding a partial pre-letting.
Hammerson gained planning approval for the new office space in Principal Place, EC2 in July 2011. It had begun work on the design and consent elements of the scheme.
Commenting on CMS’ decision to withdraw, Hammerson chief executive David Atkins said in a statement: “I have consistently said that in current conditions we wouldn’t expose our shareholders to excessive risk through building London offices on a speculative basis, which remains our policy. We’re clearly disappointed by CMS’ decision, but understand their position.”
CMS’ lease of Mitre House in Aldersgate Street expires in 2015. It is understood the firm will explore relocation requirements nearer the expiry date.