Mishcon de Reya is gearing up for a move out of its Red Lion Square headquarters and up the road to the Grade II listed Africa House on London’s Kingsway.
The firm is looking to let the entire 120,000 sq ft refurbished office at a rent of £59.50 per sq ft. The move will allow Mishcon, currently spread across four sites around Holborn, to house all of its fee-earners under one roof for the first time in more than a decade.
“It’s a reflection of the fact that this firm has grown dramatically,” said Mishcon’s director of business development Elliot Moss. “It’s what you do when you have lots of people.”
News of the move coincides with the launch by the firm of a new independent, high-end private client advisory business called Mayfair Private. Mishcon said in a statement that the new business had been created ”to meet the complex and specific needs of wealthy individuals, families and their private offices worldwide”.
Mayfair Private, which Mishcon is launching in conjunction with private wealth business Opus Private, will bring together legal, trust and family office professionals as a single point of access for co-ordinating legal, fiduciary and family office services. It will not offer investment, asset, treasury or portfolio management services.
Mishcon managing partner Kevin Gold said: “Families really are the most complex organisations in the world. We have become increasingly aware of a gap in the wider service offering for them. There was a pressing need for the family and private office-related services – that traditionally fall outside of the remit of a law firm – to be professionalised. Consolidating the specialist private experience of Mishcon de Reya and Opus Private to create Mayfair Private enables us to fulfil this need.”
Mayfair Private will form the latest part of Mishcon’s recent expansion, part of the driver behind the firm’s move to Africa House. Last summer Mishcon launched a new three-year growth plan featuring a budget target in excess of £100m (23 July 2013).
Although it is understood that the firm’s partners are yet to sign the lease on Africa House, it is likely that Mishcon will relocate there in September 2015.
The firm is understood to have a break clause on its Summit House headquarters in March 2017 and has been actively looking for a move for well over a year.
The firm will become the latest in a growing line of top 100 firms to relocate their London head offices when it moves next year.
Last year Fieldfisher agreed a deal to move its entire London operations into one site at Riverbank House (4 June 2013) while both Nabarro (21 December 2012) and Bird & Bird (23 May 2013) revealed moves recently.