Lagos’ biggest Lawyers are becoming your landlords

Must Read

TAJBank Launches Nigeria’s 2nd Non-Interest Financial Institution (Photos)

Abuja Nigeria   December 2nd 2019, TAJBank, Nigeria’s second Non –Interest financial institution, has announced the launch of its services...

Here are the world’s most popular city destinations in 2019

Euromonitor International recently released the “Top 100 City Destinations 2019” ranking report, covering the world’s leading cities ranked by...

Hotel Group BON to Open 22 Properties in Nigeria’s Major cities, Secondary towns

International hospitality group BON Hotels says it plans to open over 22 hotels in Nigeria’s major cities and secondary...
- Advertisement -
- Advertisement -

This week marks the launch of Banwo and Ighodalo’s new Head Office in Ikoyi and we’ve decided to take a look at how different law firms in Lagos are adding to the total supply of office space in the city. While many law firms in Lagos such as Detail Commercial Solicitors build their own head offices, only a handful do so in a scale that allows them to lease space back on to the market.

In the past 13 years, through direct and indirect means, 3 major law firms have developed offices with the intention of owner occupancy as well as rental income. Though only emerging, the additions these 3 law firms bring onto the market currently account for 15% of the total stock of Grade A and B space in Ikoyi. See below for a snapshot of the 3 buildings.

Read:  Mastercard Unveils Top Cities Where People Go to Play, Not Work

Olaniwun Ajayi and Co. (via Konyinsola Ajayi) own The Adunola, a 12-floor waterfront office property in Banana Island, which is currently the Head Office to Airtel Nigeria. The property was designed by Pieach and completed in 2006. The average asking rent for vacant space in the property is currently $450 per sqm per annum.

Lagos’ biggest Lawyers are becoming your landlords
Adunola House or The Adunola, Banana Island, Ikoyi, Lagos – Nigeria. image Source: Talking Drums

Aluko and Oyebode (via a Habour Point Limited related co.) also own 1 MM Drive, an office property located on Murtala Mohammed Drive, otherwise known as Bank Road in Ikoyi. The property is currently home to McKinsey and Company and was previously home to UBS Nigeria and Mastercard. Asking rents in the property range between $500 and $600 per sqm per annum. It was completed in 2010.

Read:  GTBank Celebrates 10th Anniversary of Listing on the London Stock Exchange
Read:  NSE, Nasdaq unveil new surveillance technology to monitor market operations

Lagos’ biggest Lawyers are becoming your landlords
1 Murtala Mohammed (MM) Drive, Ikoyi, Lagos – Nigeria.

Finally, Banwo and Ighodalo have just moved into their brand new 5 floor HQ on Awolowo Road in Ikoyi, not far from their current head office. Banwo and Ighodalo intend on occupying 4 floors and leasing out the final floor at an asking rent between ₦80,000 and ₦100,000 sqm per annum ($222 – $277). It was designed and built by SAS Space Design.

Lagos’ biggest Lawyers are becoming your landlords
June 2019. Development: 5 Floor Office Development for Banwo & Ighodalo, Awolowo Road, Ikoyi

In lieu of owning their head offices, other notable law firms such as Templars and Udo Udoma & Belo-Osagie currently lease office space in the Octagon in Victoria Island and St. Nicholas House in Lagos Island respectively.

See how the Big 4 Accounting Firms drove leasing activity in Lagos in 2016.


Culled from EstateIntel

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Anthony Joshua beats Andy Ruiz to win back world heavyweight titles

Anthony Joshua is the heavyweight champion of the world once more. Having suffered one of the biggest upsets in boxing history back...

News Highlights of November 2019 (Video)

It was a November to remember, as the battle for survival continues among brands, new ventures, opportunities, investments and the making of a payment...

Lagos State to commence issuance of license, permit for Boreholes Drilling in 2020

Lagos State Water Regulatory Commission is to commence issuance of licenses and permits for water abstraction in the state by the first quarter of...

May & Baker Nigeria Agrees to Manufacture 4 Product Brands for Sanofi in New Deal

The National Agency for Food & Drug Administration & Control (NAFDAC) has expressed strong support for the efforts by Sanofi, a multinational healthcare company,...

More Articles Like This