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Maclay Murray & Spens is to pay £1.2m a year for new London premises in order to integrate its offices and complete the final stage of its merger with financial services boutique The City Law Partnership.
The Scottish law firm has signed a 15-year lease for 25,000 sq ft within One London Wall, enabling the firm to combine its offices at 10 Foster Lane with those of The City Law Partnership at 5 Old Bailey.
The City Law Partnership was a six-partner boutique. The merged firm has 16 partners in London. Maclays and City Law continued to operate two separate offices since their November 2004 merger.
However the merged firm is now using its need for extra space as an opportunity to formally integrate the rest of its services within the one building.
Maclays will occupy space on the eighth and twelfth floors, paying total rent of £1.2m a year. The new premises will be 20 per cent larger than the its current combined premises.
As part of the rental agreement, the firm has negotiated a 26-month rent-free period, with a further 12-month rent-free period offered if the firm does not to use a break option in the tenth year.
Maclay joins the likes of Dewey Ballantine and Osborne Clarke at One London Wall. The firm hopes to move into the building by the end of the year.
The firm’s premises at Foster Lane and Old Bailey have been placed on the market for sub-let.