French firm Gide Loyrette Nouel has signalled its commitment to the London market this week by securing 12,000sq ft of permanent office space in CityPoint.
Gide declined to comment on the details of the deal, but the French firm is believed to have made the most of the favourable market, negotiating a 14-month rent-free period, with rent of £45 per sq ft.
The firm launched in London in June last year, but until now has been renting serviced office space in CityPoint on a month-by-month basis.
London managing partner Christopher Mead said: “The deal does leave us a little room for growth, although we will fill most of the space.” Gide currently has around 35 lawyers in London, with the new space accommodating up to 60 lawyers.
“The firm aims to grow to between 50 and 100 lawyers in the next 5 years,” Mead added.
Last week, the firm hired structured finance and securitisation partner Margaret Boswell from Maples & Calder. Boswell had worked in the mid-1990s with the four former Sidley Austin Brown & Wood partners that launched Gide’s London office last year.
Gide senior partner Gérard Tavernier said: “The size and scope of our operations [in London] are falling very much in line with our London and broader international strategy.”
Gide now has 17 offices throughout Africa, Asia, Europe and the US.