Masons handles London Stock Exchange relocation

Masons has scooped its first ever instruction for the London Stock Exchange (LSE) as it embarks on its relocation to Paternoster Square.

The firm is acting for the LSE on construction and IT matters related to the site at King Edward's Court in Paternoster Square, into which the exchange hopes to move its 550 staff by 2004.

The old building, which the LSE has occupied since 1972, is set to be remodelled – a task which is being overseen by Herbert Smith.

The mandate is a positive move for Herbert Smith, which last year lost its place as the LSE's main corporate adviser following the high-profile failed merger with Deutsche Börse and the attempted takeover by Sweden's OM Group.

The Exchange Tower at 125 Old Broad Street will be extensively restructured, including replacing the concrete facade with a glass front and constructing eight and five-storey buildings that will include 40,000sq ft of retail space.

Herbert Smith has been heavily involved in seeking planning permission for the changes, which the LSE hopes will help fund the move to its new building. The firm was also instrumental in acting for the LSE on securing the lease agreement for its new headquarters at Paternoster Square.

Masons' construction partner Martin Harman is acting for the LSE alongside senior associate Michael Mullarkey on the appointment of a contractor, which is expected to be announced by the end of this month.

IT partner John Fell is advising the LSE on the implementation of its IT and telephony infrastructure.