Land Securities has secured three new lettings at its landmark New Ludgate development — taking the central London scheme to 92 per cent full.
New Ludgate is made up of two distinct buildings, One and Two New Ludgate, and was completed in April. The largest new letting at the EC4 site has been signed with the Commonwealth Bank of Australia. It is transferring its European headquarters to One New Leadgate, taking 44,000 sq ft across the first and second floors on a 15 year lease.
Meanwhile, international law firm Ropes & Gray — which signed a 20 year lease for 45,000 sq ft at One New Ludgate last year — will now take an additional 13,000 sq ft on the building’s fifth floor.
“We are delighted to have had the opportunity to increase our space within this landmark building,” commented Iain Morpeth, a real estate partner at Ropes & Gray.” This allows us to support our continued growth and deliver an exciting and flexible environment for our London office.” The firm expects to occupy the extra space by October.
And global sales and marketing consultancy ZS Associates International has agreed to take 13,000 sq ft on the eighth floor of One New Ludgate.
Kaela Fenn-Smith is head of commercial at Land Securities, the UK’s largest commercial property company. “It’s fantastic news that ZS Associates and Commonwealth Bank of Australia have both chosen New Ludgate, and we’re delighted that Ropes & Gray have secured extra space to support their growth in London,” she said.
“With its resilient and well-engineered office space, refreshing mix of new shops, restaurants and public space at ground level, and excellent connectivity, New Ludgate is a great place for these three companies to do business. We look forward to welcoming them all to the building when they start moving in later this year.”
Building on Land Securities’ success with its nearby New Street Square and One New Change schemes, which have re-established the Square Mile as a vibrant shopping area, New Ludgate is the FTSE-100 listed company’s latest City development.
The twin building scheme houses a total of 355,000 sq ft of office space and 26,000 sq ft of retail and restaurant space, including contemporary Italian restaurant Obicà, Parisian lunch outlet Cojean, Burger & Lobster, Jamie’s Italian and Association Coffee.
Two New Ludgate was pre-let in its entirety to Japanese bank Mizuho Group last year.
