Malaysia's IJM has secured international law firm Simmons & Simmons for a major letting at 25 Finsbury Circus, the City office it recently bought, in a transaction tipped by CoStar News.
IJM has signed a 20-year lease with Simmons & Simmons, which involves the global law firm with 21 offices worldwide occupying most of the office building, which is being rebranded from 1-5 London Wall. Its leased space includes flexible office layouts, wellness-focused areas and end-of-journey facilities such as bicycle storage, showers, wellness rooms and lockers.
The size of the letting has not been disclosed, but CoStar News revealed in February that Simmons & Simmons was closing in on a circa 200,000-square-foot letting at the building. It is moving from Brookfield's Citypoint and will relocate in 2030, taking 180,000 square feet.
Oxygen has been appointed to deliver the development for IJM.
Finsbury Circus is undergoing a comprehensive £150 million sustainability-led refurbishment and reconfiguration, which will increase its total footprint by 26%. On completion, the Grade II-listed building will comprise of 378,000 square feet gross internal area, or 251,068 square feet net internal area, with a projected gross development value of approximately £420 million. This redevelopment has planning for restoration of its historic facade, a two-floor extension and a rooftop terrace.
The refurbishment prioritises sustainability, incorporating energy-efficient smart systems and targeting certifications including BREEAM Outstanding, WELL Platinum, NABERS 4 Stars, EPC A and WiredScore Platinum.
The property occupies a prime site overlooking Finsbury Circus Gardens, the largest public open space in the City of London. In the heart of London’s financial district, it is a two-minute walk from Liverpool Street Station.
Lee Chun Fai, CEO and managing director of IJM Corporation, said in a statement: "We are delighted to welcome Simmons & Simmons as the anchor tenant at 25 Finsbury Circus. Today’s signing affirms market confidence and tenant appeal for this property. Their long-term lease underscores the value of the asset and aligns with IJM’s strategy of building an international portfolio of well-positioned properties offering strong recurring income potential."
Jeremy Hoyland, managing partner at Simmons and Simmons, added: "We are delighted to have secured 25 Finsbury Circus as the new base for our London office. This dynamic office space is an excellent fit for the firm and a strong statement of our ambitions. Like the firm itself, it combines heritage with innovation – and most importantly, it’s equipped to meet our growth objectives, ensuring that Simmons will remain highly competitive in the years ahead."
Malaysian investment giant IJM Corporation bought the long leasehold interest in the historic 1-5 London Wall Buildings in London, rebranded as 25 Finsbury Circus, for £72.5 million in March, as reported.
The transaction followed an exchange of contracts with affiliates of private equity firm TPG Angelo Gordon and marks IJM’s latest expansion in the UK real estate market.
Cushman & Wakefield advised Simmons & Simmons. Knight Frank and CBRE are joint leasing agents at the building.
(Updated on 31 March to add development partner and move-in date).