Mishcon de Reya has advised Hong Kong based investor Nan Fung Group and developer Endurance Land on two pre-lets within The Bailey (16 Old Bailey) in the City of London.
IPG Mediabrands, who are part of The Interpublic Group of Companies, will lease 93,000 sq ft over the lower ground and second to eighth floors, whilst Knotel will take the remaining 21,000 sq ft on the ground and first floors.
The building, which is owned by Nan Fung Group and managed by Endurance Land following the formation of their strategic partnership in late 2018, received planning permission for an extensive refurbishment and extension scheme in 2018 and is due for completion in Q1 2021.
The completed scheme will benefit from an impressive double height reception and terraces on the fifth to eighth floors, and is on target to receive BREEAM Excellent and Wired Score Platinum accreditations.
The Mishcon team was led by Ed Hughes-Power, a Partner in the Real Estate department, with assistance from Oliver Swerdlow and Kris Jadeja (real estate), Simon Hunter (construction) and Jonathan Legg and Isabella Adams (tax).
Edward Hughes-Power said: "This is our first deal on behalf of Nan Fung Group and Endurance Land, and we are delighted to have had the opportunity to work with them on these pre-lets to IPG and Knotel."