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Freshfields Bruckhaus Deringer has advised Land Securities on its securing of SMBC Nikko Capital Markets as the latest tenant for its high-profile City development One New Change.
Real estate partner Chris Morris is leading the Freshfields team advising Land Securities on the office and retail letting of the landmark development opposite St Paul’s Cathedral.
US firm K&L Gates has already taken up a tenancy in the 550,000sq ft complex, with other business tenants including CME Group and Friends Provident. As relationship partner, Morris led for Land Securities on the tenancy agreements with all three, as well as those for a host of retailers, including Top Shop, Next and Gap.
“It’s been a good stream of business for us,” said Morris. “It’s also a brave signal that a Japanese organisation has signed this deal after all that’s happened there.”
Freshfields began acting for Land Securities in 2004 when it advised on tenancies for the Bankside development in Southwark Street, South London, where RBS was the most high-profile tenant.
The new tenant at One New Change is a subsidiary of Japan’s Sumitomo Mitsui Banking Corporation.
The company was advised by Rochman Landau commercial property partner Jonathan Wiese.