Dechert closes in on Times Square” />Dechert is close to reaching the end of its protracted search for new premises after agreeing heads of terms on new office space.
Managing partner Steven Fogel confirmed that the firm was negotiating the terms of a lease on premises at Times Square on Queen Victoria Street after agreeing terms in principal late last month.
Although Fogel would not comment on the details of the deal, it is understood that Dechert had been looking for 55,000sq ft, with the option to take on an additional 30,000sq ft to service the firm’s expansion.
If the relocation proceeds, it will signal the end to Dechert’s long search for new premises, which began in 1999 when the firm was still known as Titmuss Sainer Dechert.
The search was put on hold in 2000 until spring this year, as the firm came to terms with its merger with Philadelphia-based Dechert Price & Rhodes.
Letting agents estimate that over the total period, the firm has considered up to 140 properties in the City, Canary Wharf and mid-
town area, although Fogel claims that figure is vastly exaggerated.