Mishcon de Reya advises Delancey and Invista funds on final office letting at the Rolls Building, 110 Fetter Lane

Mishcon de Reya acted for funds advised by Delancey and Invista Real Estate Investment Management on the final letting of office space in the Rolls Building, their prime 265,000 sq ft development at 110 Fetter Lane.

International law firm Weil, Gotshal & Manges LLP has taken 75,000 sq ft on the lower ground, ground, sixth, seventh and eighth floors. The lease is for a term of 20 years without break and is subject to upward only rent reviews every fifth year. Weil’s London office is its second largest worldwide, with more than 100 lawyers.

The Mishcon de Reya team was led by real estate partners Nick Minkoff and Stephen Hughes.

The balance of the office accommodation has already been let to the Government on a 30-year non-assignable lease subject to upward only rent reviews every fifth year in line with the Retail Price Index.

The new Rolls Building will house the Chancery Division and the Admiralty, Commercial, and Technology and Construction Courts jurisdictions of the High Court. These are currently housed in the main Royal Courts of Justice complex.

It will also provide accommodation for judiciary and administrative staff of the Administrative Appeals Chamber, part of the Upper Tier of the Tribunals Service.

The new building will provide 31 courtrooms, including three “super” courts for dealing with large, complex cases. It will also incorporate 11 hearing rooms (for related work including bankruptcy hearings) a large number of public consultation rooms, and ancillary judicial and administrative accommodation.

Paul Goswell, managing director of Delancey, said: “We are thrilled that a business of the calibre of Weil has chosen the building as its new UK headquarters. From the outset, our strategy for the development has been to produce a building of the highest quality. This has enabled us to attract two first class tenants, both of which were prepared to make long term commitments to the building. The result is an investment offering a rental income stream of a quality pretty much unprecedented in today's market."

Rob O’Hara, head of group funds at Invista, added: “We are delighted that the joint venture partnership between Invista and Delancey funds has produced a building of great quality that is 100% let prior to practical completion. This is another example of a successful development story to come out of London in spite of the downturn.”