FFW lands on riverside site following search for new City base

Field Fisher Waterhouse (FFW) has agreed a deal to move its entire London operations into one site overlooking the River Thames after originally considering two other buildings in the City.

The firm is understood to have agreed heads of terms for a sublet of roughly 75,000 sq ft spanning three floors in Riverbank House from hedge fund Man Group.

FFW is expected to be paying rent of roughly £50 per sq ft, according to Property Week, which first reported the news.

The building is on Swan Lane adjacent to London Bridge and under a kilometre from FFW’s largest current City office on Vine Street.

The firm has landed on the site after looking into space at Cannon Place (7 March 2013), which was eventually taken by CMS Cameron McKenna, although there was space for both firms to move in (10 April 2013). It also considered 10 Aldermanbury off London Wall (12 February 2012) as part of a bid to move its two City bases into one site.

Man Group still occupies around 100,000 sq ft and has previously sublet space to Royal Bank of Canada, according to Property Week.

FFW appointed agent Knight Frank to seek roughly 70,000 sq ft for new headquarters. Its current lease ends in 2018, but the firm has the option to move out in 2014, 2016 or 2018. It could move into the new site as early as 2014 but has not signed the deal.

Bird & Bird also recently sealed a City office move, taking 142,500 sq ft of new space on New Fetter Lane. It is understood to be paying £8.3m a year in rent at an average of £58.80 per sq ft (23 May 2013).

FFW and Man Group declined to comment.