US law firm Paul Weiss is set to move into the building that houses social media company Twitter’s UK headquarters in Soho.
Paul Weiss launched a major expansion in the UK this summer, hiring legal private equity stars Neel Sachdev and Roger Johnson from rival Kirkland & Ellis to co-head its London operation.
The law firm is set to take space at 20 Air Street in Soho, home to the UK headquarters of Elon Musk’s social media site Twitter, now called X, according to people familiar with the situation.
The law firm has signed heads of terms about taking space at the development just off Regent Street, which is owned by the Crown Estate, one of the people said.
Paul Weiss is eyeing three floors in the Art Deco-style building, which was extensively remodelled between 2008 and 2011, another person said.
REVEALED: The bust-up between Kirkland’s PE heavyweights
Paul Weiss was contacted for comment. The Crown Estate declined to comment.
The move would give the private-equity-focused operation a home close to many of London’s buyout firms which congregate around Mayfair in the west of the capital.
X reportedly fell out with the Crown Estate earlier this year after it stopped paying rent on the building as part of Musk’s drive to cut costs after buying the company for $44bn in 2022.
The Crown Estate launched a claim against X in the High Court in London in January over the unpaid rent, which reportedly has since been settled.
X is looking to sublease floors one, three and six of the building, amounting to 84,000 square feet, while the Crown Estate is separately marketing 28,000 square feet across floors two and four of the building, according to a 5 October report from property publication CoStar News.
Paul Weiss is aiming to grow its London office to around 300 lawyers, according to people familiar with the firm’s plans.
The firm has hired a string of partners from Kirkland in London including finance partners Kanesh Balasubramaniam, Matthew Merkle and Deirdre Jones. Paul Weiss also added private equity M&A partner Will Aitken-Davies from Magic Circle law firm Linklaters.
Following its hiring spree, Paul Weiss is set to outgrow its current London home on Noble Street in the City of London.
If it moves to 20 Air Street, Paul Weiss’s new neighbours will include private equity firms Ares Management, General Atlantic, Carlyle Capital and EQT.
The firm will also be in close proximity to the fun-loving Soho district, with local restaurants including a branch of luxury Chinese chain Hakkasan and French bistro Bob Bob Ricard, which has a button on every table to summon a waiter with champagne.
The Crown Estate is responsible for managing the British monarch Charles III’s property portfolio, which includes large swathes of land around Regent Street and St James’s in London’s West End.
From Financial News
https://www.penews.com/articles/paul-weiss-eyes-office-in-pe-heartlands-amid-poaching-battle-20231016
