Hines is close to landing a spectacular 150,000 sq ft debut deal at its high-profile City scheme Cannon Place, EC4.
Law firm CMS Cameron McKenna is in exclusive negotiations to take three lower floors in the prime City building just over a year after it walked away from a 200,000 sq ft prelet at Principal Place, EC2, citing economic uncertainties.
It is expected to pay under £50 per sq ft for the space in the 390,000 sq ft building, which has yet to sign up any office tenants.
CMS Cameron McKenna is currently based at the 190,000 sq ft Mitre House at 160 Aldersgate Street, EC1 on a lease expiring in 2015.
The firm appointed Abstract Securities to help advise alongside CBRE when it relaunched the requirement in June last year.
Having ruled out prelet options owing to timing, the requirement proved one of the most elusive of 2012, with the firm looking closely at several options.
A sublet of JP Morgan’s 10 Aldermanbury Square, EC2, is understood to have been among the options it considered closely.
However, it has now settled on Cannon Place, raising hopes the building will secure its first major office tenant, following a retail letting to Marks & Spencer.
The scheme was completed in the autumn of 2011.
Several major occupiers have come close to leasing space over the past two years, including Credit Lyonnais Securities Asia, which was forced to walk away after a corporate deal collapsed.
The Prudential Regulatory Authority and Deutsche Bank have also looked at it closely.
Cannon Place sits above the redeveloped Cannon Street station and was developed in joint venture with Network Rail.
Several other occupiers are also running the rule over the building with law firm Field Fisher Waterhouse understood to be weighing it up against 10 Aldermanbury Square and 71 Queen Victoria Street, both EC4, for its 70,000 sq ft requirement.
Mitsui & Co has also shortlisted it against the Walbrook, EC4 and 1 St Martin’s Le Grand, EC1, for 50,000 sq ft.
Online payment service WorldPay is also rumoured to be looking at the building for 100,000 sq ft.
CBRE and Savills are letting agents on Cannon Place; CMS Cameron McKenna is advised by Abstract and CBRE.
jack.sidders@estatesgazette.com
