Oxford Properties Group has signed law firm Mishcon de Reya on a 20-year, 161,000 sq ft anchor lease at its MidCity Place offices in Holborn, London.
MidCity Place, Holborn
Oxford is undertaking a £20m refurbishment and decarbonisation of the 350,000 sq ft building, due to complete in 2027. The pre-let brings the building to 100% committed, with a weighted average unexpired lease term of 15 years.
Mishcon, which employs 1,400 people worldwide, will occupy four floors, including a large client hospitality and events space. It will move to MidCity Place in 2029 following a full fit-out of the space.
The law firm has also taken an option on an additional floor to provide it with expansion space in line with its growth plans.
Oxford’s comprehensive refurbishment programme will transform the building’s amenities, enhancing the arrival experience on the ground floor and adding a library podcast studio and social workspaces. It will also include the addition of outside spaces with a rooftop terrace and courtyard.
MidCity Place is owned by a 50:50 joint venture between Oxford and Temasek, with Oxford managing the building on behalf of the joint venture.
Jay Drexler, vice-president, asset management, at Oxford, said: “Securing Mishcon de Reya, one of London’s leading law firms, and achieving full occupancy further reinforces MidCity Place’s position as a premier Midtown office building.
“As demand increasingly concentrates in the highest-quality buildings and future supply remains constrained, we remain highly confident in the long-term outlook for prime offices and continue to see opportunities to create value through repositioning and redevelopment across London and Europe.”
Daniel Naftalin, managing partner at Mishcon de Reya, said: “Moving to a new property can say a lot about a firm. We are tremendously excited about our upcoming move into MidCity Place, and believe it encapsulates the forward-looking nature of the firm, a sense of our ambition and confidence in our future.
“The move marks the first time in some years our London office will be under one roof, and the move has been designed with connection and culture in mind.
“This move marks a significant milestone for the firm and supports our Vision 2030 strategy, reinforcing our commitment to growth, collaboration and excellence in client service. The area also has meaning for us – we have thrived in Holborn for decades, and this move cements it as our home for a long time to come.”
Oxford was advised by JLL, Farebrother and Ashurst, and Mishcon de Reya was advised by CBRE and CMS.
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