‘This move gives Square One the space required to sustain our intended growth’

Growing Newcastle law firm Square One Law is moving into new offices in the heart of Leeds. The company, which has its head office in the Fleming Business Centre in Jesmond, also has an office in Leeds where it offers clients services including banking and finance, dispute resolution, employment and intellectual property.

Now the firm is set to move from its office in One Park Row to 3,000sq ft of recently refurbished Grade A office space in 7 Park Row. The business is moving into the seventh floor of the building on a five-year lease, increasing its floorspace and boosting the firm’s ability to expand further.

James Jackson of Leeds-based property consultancy Carter Towler brokered the deal.

Square One Law commercial property partner, Matthew Thompson, said: “This move into these fantastic, newly upgraded premises puts us precisely where we want to be – at the heart of a city we love. This move gives Square One the space required to sustain our intended growth, whilst also providing employees and visiting clients with the modern workspace and pleasant surroundings they deserve.

“Thank you to Carter Towler and particularly WSB, who acted on our behalf for helping us secure our spectacular new home.”

Mr Jackson of Carter Towler said: “The arrival of Square One Law at 7 Park Row is a resounding endorsement of the comprehensive multimillion-pound refurbishment recently completed at this special building. The transformation of 7 Park Row undertaken by the landlords has been superb – creating Grade A, amenity-driven, fully fitted & CAT A office suites in the heart of Leeds’ professional core.

“It is also encouraging to see Square One Law performing so well and continuing to grow its presence in the market. The quality of its occupiers is an important ingredient in the success of 7 Park Row.”

The work was carried out by Augur Group and Firefly Capital Real Estate, who jointly acquired 7 Park Row in June 2024.

Mr Jackson added: “The magnificent refurbishment of 7 Park Row has paid immediate dividends with both this and other recently completed lettings in the building. Only the 4,656 sq ft sixth floor now remains available to lease, either on a traditional CAT A basis or fully fitted.”

Elizabeth Ridler, partner at the Leeds office of property consultancy Knight Frank, joint marketing agents of 7 Park Row, added: “Park Row famously connects the financial and retail districts of the city centre and is one of the most sought-after business addresses in Leeds.

“We have also launched the marketing of the basement floor, which will provide around 10,000 sq ft of space suitable for a variety of uses including leisure, medical and education. The newly configured space will have a capacity for up to 200 people and will be accessed via a new, highly prominent double height entrance on Park Row.

“Park Row has also been enhanced by the pedestrianisation of City Square, the planting of trees and the widening of pavements, making it an exceptionally attractive street.”

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Elon Musk’s SpaceX began trading at $150 a share on Friday, above its listing price of $135 a share, making him the world’s first-ever trillionaire following the IPO.

The rocket and satellite company raised a record $75 billion, valuing the company at about $1.8 trillion, pushing the value of Musk’s stake in SpaceX to an estimated $690 billion. The company is trading on the Nasdaq under the ticker “SPCX” after pricing its IPO on Thursday.

Combined with his holdings in electric vehicle maker Tesla, as well as other investments and assets, Musk’s net worth is now estimated at about $1.1 trillion.

SpaceX stock jumped after it began trading, rising to $168.75 a share before paring some of those gains to trade around $158 a share. It subsequently rebounded and reached a new high of $174.25.

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Elon Musk founded SpaceX and continues to serve as its CEO. (Jessica Christian/San Francisco Chronicle via Getty Images)

Investor demand for SpaceX has been intense. Reuters reported this week that the company attracted more than $250 billion in orders, while Bloomberg News reported Thursday that retail investors alone submitted more than $70 billion in requests for shares.

The company is expected to allocate at least 20% of the offering to retail investors, according to Bloomberg — an unusually large portion for individual investors in a deal of this size.

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SpaceX’s IPO raised $75 billion and was the largest IPO in history, surpassing the $29 billion IPO of Saudi Aramco in 2019.

The IPO cemented Musk’s status as the world’s richest person, pushing the value of his holdings toward $1 trillion, a milestone no individual has previously reached.

SpaceX has grown into the world’s largest space company. (AFP via Getty Images)

Founded by Musk in 2002, SpaceX has grown into the world’s largest space company and a dominant force in commercial launch services. The company pioneered reusable rocket technology, helping lower launch costs and reshape the economics of the space industry. It has also become a key contractor for NASA and the U.S. government through civil and national security missions.

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Starlink, SpaceX’s satellite internet business, has emerged as a major growth engine, providing broadband connectivity to consumers, businesses and governments around the world. According to the company’s IPO filing, Starlink generated the majority of SpaceX’s $18.67 billion in revenue last year.

The public debut has long ranked among Wall Street’s most anticipated offerings. SpaceX spent years as one of the world’s most valuable private companies, with investors eager for an opportunity to buy shares in the business.

SpaceX is the leading provider of commercial space launch services. (Joe Skipper/Reuters)

According to the IPO filing, SpaceX will maintain a dual-class share structure that leaves control firmly in Musk’s hands. Class B shares will carry 10 votes each, while publicly traded Class A shares will carry one vote apiece. Musk is expected to retain roughly 85% of the company’s voting power following the offering.

Some 4,400 current and former SpaceX employees also stand to become millionaires through stock compensation accumulated during their time at the company, according to The New York Times, citing an analysis by investment platform Hill.com.

SpaceX CFO Bret Johnsen, center left, and President Gwynne Shotwell, center, during the company’s IPO at the Nasdaq MarketSite. (Michael Nagle/Bloomberg via Getty Images)

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If shares trade above their offering price following Friday’s debut, SpaceX’s valuation could climb even higher, potentially pushing Musk’s net worth beyond the trillion-dollar threshold while rewarding thousands of employees and investors who backed the company during its rise.

This is a developing story. Please check back for updates.

Reuters contributed to this report.