Our Real Estate team has advised Royal London Asset Management (RLAM) on the lease of The Earnshaw on New Oxford Street, WC1, to GlaxoSmithKline (GSK).
The life sciences company has secured a 17-year lease for 140,000 sq ft of office space across twelve storeys of the property, which is owned by RLAM, acting on behalf of The Royal London UK Real Estate Fund.
GSK, which produces vaccines and speciality medicines, will be moving from Brentford and has been looking to establish a new HQ in the capital. The Earnshaw building will provide the company with grade-A offices and the site will also offer 19,500 sq ft of retail and leisure space, plus 6,000 sq ft of private terraces across six of its floors.
Gowling WLG advised investment management company RLAM on all aspects of the deal. The team was led by partner Felicity Lindsay (Real Estate) with support from Principal Associate, Angela Perry (Real Estate) and partners Paul Green (Construction), Lee Nuttall (Tax) and Vicky Fowler (Planning).
Felicity Lindsay, partner at Gowling WLG, said "We're delighted to have assisted RLAM on this deal, as it takes another step towards delivering best in class accommodation within its property portfolio. The move will provide the occupier with a modern working environment, placing ESG principles at its heart. I'm pleased our team was able to use its extensive knowledge of the sector in helping this deal come to fruition."
Drew Watkins, Royal London UK Real Estate Fund portfolio fund manager, said: "The deal represents the culmination of years of work and runs to the heart of the fund strategy where we are developing prime centrally located assets for the long term."
Gowling WLG is home to one of the UK's largest real estate practices. For further information please visit our real estate page.