Anatomy of an office deal: how JMW chose its new home

After several years spread across two buildings, the law firm has now made a “seminal” decision to come together under one roof at 125 Deansgate in Manchester. Partner Thomas Pearson, who spearheaded the practices’ hunt for its next HQ, talked Place North West through the process.

JMW officially began its search for a new office around 12 months ago, appointing Andrew Timms, director at Edwards Property Consultants, to draw up a shortlist of spaces of between 35,000 sq ft and 45,000 sq ft across the city.

However, thinking about a new HQ began way back in 2017 when JMW took some spillover space within Three Hardman Street after outgrowing 1 Byrom Place next door.

Being spread across two offices is not conducive to the “familial feel” the firm tries to engender, Pearson said, but JMW’s 20-year lease on 1 Byrom Place still had nine years left to run, leaving little room for manoeuvre.

In 2017 JMW began talking about what it might do in 2025, the year before both leases came to an end. Top of the list was the need for all departments to be under the same roof.

“We’re a full-service law firm, and there is collaboration between [teams],” Pearson said. “It was paramount for us to be in one place.”

The building completed in 2020. Credit: via JMW

125 Deansgate

In the end, JMW plumped for just shy of 43,000 sq ft within Revcap’s 125 Deansgate, the big terracotta building opposite John Rylands Library, signing a 15-year lease with a break after 10.

The decision may have come as a surprise to some. 125 Deansgate has, until the JMW deal, flown largely under the radar as a prospective landing spot for those in search of workspace.

It was completed during the pandemic and swiftly snapped up by IWG, which took all 11 floors for its Spaces flex workspace brand, without much fanfare.

While other more high profile nearby offices have completed and filled since – No1 St Michael’s and The Lincoln for example – 125 Deansgate had, until the JMW deal, remained out of the headlines.

The space that JMW will move into next year was most recently occupied by BT – another deal that went largely unnoticed – on a temporary basis while the firm waited for Four New Bailey to complete.

So, what was it about 125 Deansgate that enticed JMW more than the 12 other locations JMW and Edwards shortlisted?

Size matters

Requirements the size of JMW’s are not that common and every landlord in the city was keen to land the law firm, which kept Timms’ phone ringing.

“It is still a tenant’s market,” Timms said. “Landlords are fighting for the bigger occupiers and someone like a JMW, with its covenant strength, is quite a powerful story.

“I think I was the most popular agent in town for a while,” he said.

A detailed space needs analysis found that JMW would need around 35,000 sq ft to accommodate its 620 staff on a hybrid basis.

Given the firm’s significant growth over the last decade and a half – Pearson was one of 200 staff when he joined the firm 14 years ago – this figure was upped by an additional 10,000 sq ft to allow for further staff increases.

JMW has occupied 1 Byrom Place since 2006. Credit: PNW

Location, location, location

Location was key. Proud of its Manchester roots, the firm wanted to remain within the city, preferably centrally located, close to transport links, and not too far from its current Spinningfields base.

“From a staff perspective, we talked about travel and everything being proximate to Spinningfields so people didn’t feel like there was a massive change,” Pearson said.

Being across the road from an established business district was a big tick in the box for Timms, too.

“You can’t put a price on all the staff being in the office and who they bumping into in that immediate area. So, I think there’s still a strong pull for that and [125] is on its doorstep.”

Privacy, please

Not sharing a building with a competitor was important to JMW.

Space within the popular No1 St Michael’s was snapped up quickly, including by two rival law firms Hill Dickinson and Pinsent Mason, which led to JMW discounting it as an option.

The same can be said of 101 Barbirolli, where Brabners occupies a significant chunk of space.

“In choosing [125 Deansgate] we will be the only major law firm in this building,” Pearson said.

Close but no cigar

HBD’s recently completed Island round the corner from 125 ticked the location box but there was not quite enough space remaining to accommodate JMW following a large letting to Virgin Media O2.

The recently refurbished Havelock on Bridgewater Street had much to credit it but was considered “out on a limb” location-wise, Pearson said.

JMW looked seriously at the space being sub-let by BT at Four New Bailey but 125 pipped it due to the floor arrangement – the more desirable top floors at Four New Bailey are already taken – and fact that the building is over the border in Salford. JMW’s Manchester roots run deep.

BT’s Four New Bailey ran 125 close. Credit: PNW

Making an entrance

Another deciding factor in the decision to choose 125 was that it was one of few offices that offered JMW the possibility of a dedicated entrance. Work to fit that out at 125 is already underway.

Ultimately, the deciding factor appears to have been the prestige that the location of the building denotes.

Halfway down Deansgate, arguably Manchester’s most famous thoroughfare, 125 can be seen from a distance. At 12 storeys it is one of the tallest buildings on the street, imposing yet in-keeping with its neighbours.

“Being somewhere central in Manchester was important to us, for our staff, and also how we present,” Pearson said.

“This puts us front and centre. We think we are at the heart of the Manchester legal industry, and this position [reflects] that.”