04:24, July 20 512 0

2017-07-20 04:24:13
Lloyds Banking Group in talks to rent legacy Nabarro offices

Lloyds Banking Group is understood to be in talks to lease legacy Nabarro’s London HQ in 125 London Wall, in a move that could see it take on an extra 133,412 sq ft.

The Lloyds office move, which was first reported by Bloomberg yesterday, would likely mean a consolidation of some of the bank’s presence in the capital, which is currently spread across six different office locations.

The Nabarro London office was vacated earlier this year when the firm officially merged with CMS Cameron McKenna and Olswang and moved into the former’s HQ at Cannon Place.

CMS originally occupied the first, second and third floors of the building, and leased the sixth and seventh floors as well for the lawyers joining from Olswang and Nabarro.

Office space was advertised by realtors Knight Frank at 125 London Wall at an annual rent of £62.50 per sq ft earlier this year. Should Nabarro’s offices be calculated at a similar price, CMS Cameron McKenna would save £8.3m per year until the legacy firm’s lease expires in 2025.

CMS is currently paying £67.50 per sq ft for its Cannon Place offices, which is far less than Olswang, which was paying £82 per sq ft for its 182,000 sq ft premises, a vast amount of which was sublet to other companies. One floor of Olswang’s offices on High Holborn was taken by Quinn Emanuel Urquhart & Sullivan, gaining 10,000 sq ft in the move.

This move for Lloyds comes after the bank last year set out long-term objectives to cut its office portfolio by around 30 per cent, creating savings of £100m from the end of 2018.

There have been several key moves both on management and legal team level across the business. Earlier this month, The Lawyer reported that former Linklaters managing partner Simon Davies was to depart from the bank two years after he joined amid a series of management changes.

Davies was given a mandate to review Lloyds Bank’s legal function as one of the first jobs in his new role as chief people, legal and strategy officer, according to bank insiders last year.

Two months ago, The Lawyer reported that Lloyds Banking Group real estate counsel Lesley Wan had left the bank after 10 years.

Lloyds Bank also carried out another restructure of its legal team, with over 20 roles due to be cut. As part of these cuts, five new legal roles were created.

Former One Savings Bank general counsel Zoe Bucknell took on a new role at Lloyds Banking Group as deputy company secretary earlier this year. Bucknell left One Savings Bank last March after five years at the helm of the challenger bank.

A Lloyds Banking Group spokesperson declined to comment. CMS did not respond to requests for comment.