One of the longest-standing tenants in Canary Wharf is ditching its home for a return to city in 2028.
Clifford Chance, which has its headquarters at Upper Bank Street in Canary Wharf, has agreed with Great Portland Estates to rent a smaller amount of office space – 321,000sq ft – at its 2 Aldermanbury Square project.
The law firm had moved to its current building after leaving city headquarters in 2003.
A review commissioned by the London firm suggested it should cut two-thirds of its office space due to hybrid working.
Its new home will be ready in 2025 but the firm won’t leave until its existing lease expires in 2028.
Clifford Chance’s managing partner Michael Bates said the move will “support the firm’s longer term environmental targets.”
He added: “With our clients, our people and our values at the heart of our decision making, this represents a truly exciting step for the firm as we plan our move to a newly built location that meets the exceptionally high standards that we set ourselves.”
The law firm will rent 12 floors of the property developer’s new building at an initial price of £77 per square foot.
The 20-year lease gives the option of an exit after 15 years.
Commitment to sustainability standards
Toby Courtauld, chief executive at GPE, developer of the new building, said: “We are excited to be building a new home back in the City of London for one of the world’s pre-eminent law firms and we have enjoyed working with the City of London, as well as Clifford Chance to create a best in class office building.
“In Clifford Chance we have found a partner who shares our values and, in particular, our commitment to the highest sustainability standards, with 2 Aldermanbury Square set to hit our 2030 sustainability commitments almost five years early.”