Hogan Lovells has opted to switch out of its latest most necessary basis in London for brand new premises associated to an individual of its extra compact locations of labor.
The corporate is trimming its basic room as a finish results of the shift, pursuing varied different intercontinental companies’ decisions to reduce London space in fashionable yrs.
The enterprise has opted to switch out of its latest key enterprise at Atlantic House into expanded administrative center premises on Holborn Viaduct proper after excited about “choices all through the Metropolis of London”, it defined in a assertion on Friday.
A press release by the company included that with a purpose to proceed being in Atlantic House, “appreciable do the job could be needed on the creating. The disruption and prices included essentially imply that it’s preferable for us to switch to a brand new bespoke creating on an extra web site.”
Its newest enterprise at 21 Holborn Viaduct, which occupies roughly 65,000 sq ft and residences assist and enterprise suppliers workers, might be demolished alongside with its adjoining buildings, which incorporates Meridian Residence, which the company vacated in 2019.
The freshly developed premises will sit throughout the same web site. It would comprise 266,000 sq. ft and constructing on the endeavor will start this summer season, a assertion by the company defined.
Hogan Lovells U.Okay. controlling companion Penny Angell talked about in a assertion: “Our London workplace setting is of considerable strategic relevance to the group and our clientele. Having occupied the Atlantic House establishing contemplating the truth that 2001, we’re thrilled on the chance to redefine how our house can best help our enterprise and develop one factor bespoke, whereas staying actual to our values, heritage and 40+ yr historic previous in Holborn Viaduct.”
The agency must complete the switch into the brand new premises within the final quarter of 2026, the assertion further.
The brand new room is 15% scaled-down than its newest London premises. Hogan Lovells has lessened its London office footprint in fashionable a few years. In 2001, it occupied 360,000 sq ft of Atlantic Home, which was downsized to 320,000 sq ft.
The agency defined its hottest discount in measurement was not because of a ready discount in headcount.
“We’ve discovered a growth within the market above the final decade of enterprise house reducing, as we, rivals and consumers switch to amplified open strategy and agile strategies of working. The COVID-19 pandemic has accelerated this, and we anticipate that fairly a number of of our women and men will undertake a hybrid design, combining one of the best of every distant doing the job and administrative center contact,” a assertion by the corporate on Friday acknowledged.
A bunch of companies together with Travers Smith, Allen & Overy and Skadden Arps Slate Meagher & Flom have all chosen to downsize not too way back, while folks have opted to develop their places of work decisions.