Mishcon de Reya Signs 20-Year Lease at Oxford Properties' MidCity Place in London's Holborn

Oxford Properties Group has signed a 20-year lease with Mishcon de Reya at MidCity Place, a 350,000 sq ft office building in Holborn, London, the company announced. The international law firm will occupy 161,000 sq ft across four floors, consolidating its London operations into a single location that will serve as its new global headquarters.

The transaction brings MidCity Place to 100% occupancy, with a weighted average unexpired lease term of 15 years across the building's roster of global corporate occupiers.

Lease Terms and Timeline

Mishcon de Reya has taken space across four floors, including a large client hospitality and events space, and has also secured an option on an additional floor to accommodate future expansion. The firm is expected to move into MidCity Place in 2029 following a full fit-out of its space.

Oxford is currently undertaking a £20 million refurbishment and decarbonisation programme at the building, which is due to complete in 2027. The programme includes upgrades to the ground-floor arrival experience, the addition of a library, podcast studio and social workspaces, as well as new outdoor amenities including a rooftop terrace and courtyard.

MidCity Place is owned through a 50:50 joint venture between Oxford Properties and Temasek Holdings, with Oxford managing the building on behalf of the joint venture.

Sustainability and Building Credentials

As part of its refurbishment programme, MidCity Place has undergone a significant decarbonisation effort. The building is now fully electric in operation and supplied by 100% renewable electricity, according to Oxford Properties. The firm said the improvements are intended to enhance both sustainability performance and operational efficiency.

Strategic Context for Mishcon de Reya

Mishcon de Reya, which employs more than 1,400 people worldwide, will consolidate its London offices under a single roof for the first time in several years, according to the firm.

Daniel Naftalin, Managing Partner at Mishcon de Reya, said the move reflects the firm's forward-looking character and growth ambitions. "Moving to a new property can say a lot about a firm. We are tremendously excited about our upcoming move into MidCity Place, and believe it encapsulates the forward looking nature of the firm, a sense of our ambition and confidence in our future," Naftalin said.

"This move marks a significant milestone for the firm and supports our Vision 2030 strategy, reinforcing our commitment to growth, collaboration and excellence in client service. The area also has meaning for us — we have thrived in Holborn for decades, and this move cements it as our home for a long time to come," he added.

Oxford Properties' London and Global Office Strategy

Jay Drexler, VP of Asset Management at Oxford Properties, said the lease reinforces MidCity Place's position in the Midtown London office market. "Securing Mishcon de Reya, one of London's leading law firms, and achieving full occupancy further reinforces MidCity Place's position as a premier Midtown office building. This long-term commitment reflects the quality of the asset and the investment we are making to enhance the occupier experience through best-in-class amenities and leading sustainability credentials," Drexler said.

Drexler also pointed to broader market dynamics underpinning the transaction. "Supported by the continued demand for high-quality, well-located office space in Central London, this transaction highlights the value that active asset management can create by attracting world class occupiers to premier workplaces. As demand increasingly concentrates in the highest-quality buildings and future supply remains constrained, we remain highly confident in the long-term outlook for prime offices and continue to see opportunities to create value through repositioning and redevelopment across London and Europe," he said.

Oxford Properties reports more than C$18 billion of assets under management in the office sector globally, with a portfolio of approximately 25 million sq ft. The firm's office holdings include Hudson Yards in New York, The Stack in Vancouver, Das Center in Berlin and The Blue Fin Building in London. Oxford said it has committed C$2 billion of capital into the office sector over the past year, describing offices as one of its strongest conviction calls, with the London market a particular focus.

Advisers

Oxford Properties was advised by JLL, Farebrother and Ashurst on the transaction. Mishcon de Reya was advised by CBRE and CMS.