Hogan Lovells has opted against moving its London headquarters, preferring to stay in its long-term home of Atlantic House instead. However, the firm is persisting in its search for new space for its offices at 21 Holborn Viaduct and Meridian House.
The decision comes after the firm was able to negotiate a favourable deal with its existing landlord, Deka Immobilien Investment.
Last year, Hogan Lovells began a search for a new headquarters, instructing Cushman & Wakefield to find 350,000 sq ft of office space.
But the firm, which recently posted an 8% increase in turnover outside the US, has halted the search in favour of remaining in its Atlantic House HQ, which it has occupied since 1977.
Hogan Lovells’ managing partner for the UK and Africa Susan Bright said in a statement: ‘After looking at a number of options in the market and having had positive discussions with our landlord, Deka Immobilien Investment, we have decided to remain in Atlantic House until our lease expiry in 2026, during which time we plan to undertake a refurbishment to ensure the space best meets the future needs of our business.
‘We continue to consider our options for 21 Holborn Viaduct and Meridian House.’
In addition to the increase in turnover covering the firm’s operations outside the US, Hogan Lovells has also seen a significant boost in PEP for the 2016 financial year. Equity members took home on average £879,000 this year, a 26% increase from 2015’s figure of £698,000.
The firm began 2017 with 29 partner promotions, with three new partners in London. The new City partners were Richard Goss in banking, Nathan Searle in international arbitration and Tarek Eltumi in project finance.
tom.baker@legalease.co.uk