
Acquisition of 155,000 sq ft in 20 Moorgate, EC3 for Cazenove & Co.
Cazenove was a British stockbroker and investment bank, founded in 1823 by Philip Cazenove. It was one of the UK’s last independent investment banks and one of the last to remain a private partnership. The main parts of the business were acquired by JPMorgan Chase in 2009 with the remains being sold to other financial institutions. The Partnership was well known for its ‘blue-blooded’ reputation and its complete aversion to publicity. It was one of the most successful brokers and corporate advisers in London, being described by the Financial Times as ‘dominant’ and as having an ‘aura’.
Cazenove leased 100,000 sq ft close to the Bank of England in nine inter-connecting buildings that had over the years been adapted to accommodate the ongoing needs of the business. To meet its growth expectations over the next decade, Cazenove sought to consolidate its operations into a single new building of circa 155,000 sq ft to maximise the efficiency of the working environment for its clients and staff.
In order that the Partnership might formulate a clear relocation strategy and take objective decisions on timetabling and implementation, McCalmont-Woods advised on the:
Once the decision was taken to relocate McCalmont-Woods then managed:
By agreeing to accept a certain level of risk and cost and electing to relocate in what was then a relatively depressed City office market, Cazenove was able to acquire a new purpose-built headquarters building at 20 Moorgate, EC2 with a bespoke specification in a prime City location on extremely competitive rental and lease terms.
Nick McCalmont-Woods advised Cazenove on its occupational property requirements for almost 30 years to include advising on all office acquisitions, disposals, rent reviews and the restructuring of various office leases in the City of London and London Docklands. The acquisition of Cazenove’s new headquarters building at 20 Moorgate is believed to be the first genuine prelet to be agreed ‘off-plan’ in the City of London.