Mishcons forms LLP to buy new office

Mishcon de Reya has set up an innovative management structure for its new building in Holborn, central London

The equity partners of the firm have set up a separate limited-liability partnership (LLP), which legally owns the freehold of the building.
Mishcons has the lease and pays a monthly amount into the LLP. The firm originally bought the freehold from developer Chelsfield, which made a £1m profit on the sale.
One central London surveyor estimated the value of Mishcons’ building in Red Lion Square to be £25m. This means that the 40,700sq ft property would sell at an estimated £595 per square foot.
The LLP structure is a rare move for a law firm, with most choosing to rent. If they do own them, they are more likely to set up a company to manage the freehold. Mishcons is believed to be the first high-profile London firm to use this management structure. The LLP is named Summit House Property Partnership, after the name of the new building.