PARIS-Hammerson and Axa have pre-let 140,000 sf of office space to Clifford Chance. The law firm, which will initially take 104,400 feet, has signed a nine-year lease from July 2006 with no break option and at a rent of euro 698 per sm, subject to annual indexation. The two real estate firms acted in joint venture on the deal.

The redevelopment at 9 Place Vendome on Rue Saint-Honore started in January 2004 and is due for completion in April 2006. In total it will create 222,000 sf of office and 50,000 feet of retail. Hammerson and AXA will be responsible for subletting the space not immediately occupied by Clifford Chance. Two of the eight retail units, representing 29% of the total projected retail rental income, have been let to Anne Fontaine and Brooks Brothers.

Hammerson is one of the UK's top five real estate companies. It specializes in the development and ownership of shopping centers and provides third-party property-management services in the UK, France and Germany.

Hammerson has elected to qualify for Societes d'Investissements Immbiliers Cotees tax status in France, where it holds nearly 30% of its total portfolio. This makes it one of the first UK companies to take advantage of France's new REIT-like tax structure.