British Land has announced a significant pre-let agreement at its Broadgate office development in central London, with global law firm Herbert Smith Freehills Kramer taking a long-term lease on a substantial portion of the site.
Under the terms disclosed on Tuesday, the firm has signed a 21-year lease for 238,000 square feet at 1 Appold Street. The arrangement also includes contractual options that would allow Herbert Smith Freehills Kramer to expand its occupation to as much as 360,000 square feet, and the space will feature a dedicated entrance at 8 Exchange Square.
The initial commitment secures roughly 60% of the proposed building’s office accommodation, with the potential to reach full occupancy if all expansion options are enacted. Herbert Smith Freehills Kramer currently operates from Broadgate’s Exchange House, where it occupies 270,000 square feet and uses that site as its headquarters.
Delivery of the redevelopment is being handled by Skanska and is scheduled for the first quarter of 2029. The developer has said the scheme will include sustainable office space, outdoor terraces and 48,000 square feet of leisure space. The site will be linked to Liverpool Street station and the Elizabeth Line, providing commuter connections to the campus.
Kelly Cleveland, Head of Real Estate and Investment at British Land (LON:BLND), underscored the location’s appeal, saying: "There is an increasingly diverse mix of global businesses choosing Broadgate for its connectivity and amenities, sustainability standards and public spaces." British Land also reiterated its view that new, high-quality workspace is scarce in the London market, and demand remains robust compared with limited supply.
The structure of the pre-let - a long-term lease with expansion options and a dedicated entrance - anchors a sizeable portion of the building ahead of completion and aligns the occupier footprint with the broader redevelopment programme. The project’s scheduled completion date provides a target for delivery, while the options included in the lease leave open the possibility of increased occupancy depending on the law firm’s future decisions.
This transaction touches multiple segments of the commercial real estate market, from office leasing and workplace design to development and construction. It also highlights tenant demand dynamics for high-standard, well-connected space in central London.