Landsec secures upsize at 5 New Street Square, bringing building to full occupancy

Landsec and leading litigation specialists Stewarts have agreed a renewed lease for 5 New Street Square, EC4, which will see the law firm expand their office space by 40%. Stewarts will take an additional 21,000 sq ft, increasing their total space to 70,000 sq ft across three floors. The deal brings the building to full occupancy as demand for well located, sustainable office space grows. 

Landsec is currently carrying out an extensive refurbishment of 5 New Street Square to decarbonise the space and create a reimagined, modernised headquarters for the firm. The refurbishment will enhance the facilities on offer to businesses, including a new and enlarged reception, along with a new communal terrace.

Sustainability is at the heart of the refurbishment as businesses increasingly focus on meeting their ESG targets and changing employee expectations when it comes to sustainability. To set the building on a pathway to net zero and create a highly energy efficient space, all gas boilers will be replaced with air-source heat pumps. The new space will target a minimum of BREEAM Excellent and WELL Gold.

The news follows an earlier deal with law firm Taylor Wessing who also recommitted to the building and will occupy an enhanced space following the refurbishment. 

Oliver Knight, Head of Workplace at Landsec said: “Occupying low carbon office space is one of the most efficient ways for businesses to meet their ESG targets. With high quality, sustainable office space in the right locations in low supply, the market for this type of space is especially competitive and demand is only going to accelerate as environmental considerations increasingly drive decision making.

“By partnering with businesses to better understand what they need from their office, we’re able to find tailored solutions which help them attract and retain talent, meet ESG targets and reflect their company culture.” 

Stuart Dench, Managing Partner at Stewarts said: “Our office is essential in supporting our clients and providing a workspace for our people that promotes connectivity. We’re pleased to be staying at our home in New Street Square and reshaping it in partnership with Landsec to create an environment which better reflects our values and helps us to meet our commitment to sustainability.”

Overbury have been appointed to carry out the decarbonisation works at 5 New Street Square, which started at the beginning of this year. Landsec were advised by Newmark BH2 and Stewarts were advised by Cushman & Wakefield.

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