Hogan Lovells signs deal to shift to new London home
By relocating to an adjacent redevelopment, 15percent of floor space will be saved as a result of firms' adoption of agile
Hogan Lovells signs deal to shift to new London home
By relocating to an adjacent redevelopment, 15percent of floor space will be saved as a result of firms' adoption of agile working methods
A development opposite Hogan Lovells' current London office on Holborn Viaduct will offer 266,000 square feet in a 20-year lease.
It will be the latest law firm in recent years to cut down its office space and is scheduled to go ahead in 2026 after the completion of the redevelopment. It will be taking the firm's flagship London team to a smaller space than it occupies since 2001, as it is set to become the latest law firm to do so.
On the south-eastern corner of Holborn Viaduct, Kimberley House, Meridian House and 32 Farringdon Street are the properties where the company will take up all 12 floors following its move. The construction on the new development, designed by PLP Architecture, is scheduled to begin this summer.
Despite the firm's new location, it is 15percent smaller than its old, 320,000-square-foot office space in Atlantic House, which has occupied for the last 20 years. According to a firm spokesperson, the decision was not due to a planned workforce reduction, but was rather the result of efficiencies and changing work styles.
The spokesperson said that the market has experienced a decrease in office space over the last decade as customers, business competitors and employees have moved towards more open-plan and agile ways to work.
"During the COVID-19 pandemic, we have seen this trend accelerated and anticipated that many of our employees will use a hybrid model, which combines remote working with office contact. The new office will allow for more efficient space utilization than Atlantic House can provide."
Hogan Lovells was advised by CMS regarding the lease. Leading the team are Barry Morris and Marie Scott, who co-lead the firm's construction and engineering practice, along with Karagh Gilliat, Nick Lloyd, Lauren Alder, Ashley Damiral and David Parton.
Morris said, "Hogan Lovells will have considerable flexibility and new creative ways of working with this impressive and sustainable regeneration scheme." Adding that he was pleased to support the firm in marking the beginning of their new era.
Following more than 40 years in Holborn Viaduct, Hogan Lovells UK managing partner Penny Angell expressed the firm's excitement about redefining the way their space supports their business when moving into the updated space.
Flexible workspace and technology, which take into account the evolving working styles of our people and clients, are critical for maintaining a positive working environment.
The building's sustainability credentials, the green spaces and its energy-saving and efficiency goals all align with the company's global sustainability plan and commitment to corporate social responsibility.
According to Allen & Overy's announcement in 2021, the firm plans to move its London offices to newly constructed offices at 2 Broadgate, reducing its floor space by 246,000 sq ft and meeting their sustainability goals.
With its relocation to 100 Liverpool Street in November, Wall Street's stalwart Milbank have decided not to downsize. Approximately 70,000 square feet among 520,000 of redevelopment space will be occupied by the firm, thus increasing its floor space by 16,000 square feet.
A Chicago giant called Kirkland & Ellis also relocated to London in October, 2021 moving from 30 St Mary Axe (the Gherkin) to 40 Leadenhall Street - a newly constructed office space.