Penningtons signs ten-year re-gear of 125 Wood Street lease
Law firm Penningtons Manches Cooper has committed to a lease re-gear of its 39,000 sq ft office space at 125 Wood Street, EC2, which is owned by RPMI Railpen (Railpen), the GBP30 billion Railways Pension Scheme.
The major lease re-gear at 125 Wood Street sees Penningtons Manches Cooper LLP, which provides a comprehensive range of private and commercial legal services, continuing its presence across five floors of the office scheme at the heart of the capital.
The Penningtons Manches Cooper London headquarters can accommodate around 300 employees, and forms part of the company’s well-placed office network spanning the United Kingdom, Europe and Asia.
Alastair Dawson, Senior Asset Manager at Railpen, says: “125 Wood Street has been home to Penningtons Manches Cooper LLP since 2015. Securing them at the building for a further 10 years reflects the calibre of the asset, and is also a very positive signal for the post-pandemic revival of this key part of the capital.”
Peter McElligott, Partner at Penningtons Manches Cooper, adds: “The pandemic has forced all occupiers to think again about the quality and flexibility of their real estate, so the timing of this deal has been opportune. Re-gearing the lease of 125 Wood Street enables us to anchor our flagship office in this key location, and also provides us with the opportunity to be creative and flexible about how we use this quality space over the next 10 years.”
21,377 sq ft over three floors from 4,464 sq ft will soon become available in the building, launching to the market in Q2 2021.
CBRE advised Railpen in the deal, while Savills acted for Penningtons Manches Cooper LLP.