Hammerson tower faces delays after first tenant cancels lease

HAMMERSON’S latest office tower has suffered a major setback after law firm CMS Cameron McKenna pulled out of its pre-let agreement for a third of the building.

The start of construction on the £485m Principal Place scheme in Shoreditch could now be put back after CMS Cameron McKenna blamed “uncertainties in financial markets” for the decision to stay put in its current base at Mitre House.

Hammerson won planning permission for the 600,000 square foot tower in July 2011 and had planned to start work in April. It said yesterday the tower can be finished within two years of construction work beginning.

Chief executive David Atkins said he was confident about attracting new tenants to the building.