{"id":378439,"date":"2025-08-27T19:49:11","date_gmt":"2025-08-27T19:49:11","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/378439\/"},"modified":"2025-08-27T19:49:11","modified_gmt":"2025-08-27T19:49:11","slug":"new-leasing-deal-shatters-city-rent-record-at-8-bishopsgate","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/378439\/","title":{"rendered":"New Leasing Deal Shatters City Rent Record At 8 Bishopsgate"},"content":{"rendered":"

\"Placeholder\"\/<\/p>\n

\n Courtesy of Stanhope\n <\/p>\n

\n 8 Bishopsgate\n <\/p>\n

London\u2019s City office market has come close to breaking through the \u00a3150-per-SF level after law firm Proskauer Rose shattered records when it agreed to take additional space in the 51-storey office tower at 8 Bishopsgate, EC2.<\/p>\n

The rental agreement with owners\u00a0Stanhope<\/a>\u00a0and\u00a0Mitsubishi Estate London<\/a>\u00a0is approaching double the \u00a386 per SF the legal practice paid when it first occupied 60K SF in the building in 2023, not long after the building\u2019s launch. It has now taken an extra floor of the building.\u00a0<\/p>\n

The figure brokered is well above the average City prime rent, which reached a new record in\u00a0the second quarter, according to adviser\u00a0Savills<\/a>, rising to \u00a3104 per SF, the highest quarterly average on record and up 4% on Q2 2024.<\/p>\n

The Proskauer Rose deal breaks the City\u2019s recent record, achieved during Q2 when Banco Master\u00a0let the 44th floor in\u00a022 Bishopsgate<\/a>\u00a0for \u00a3122.50 per SF, surpassing the previous top rent of \u00a3122 per SF achieved on the 56th floor of the same tower.<\/p>\n

In its most recent figures, for 2024, New York-headquartered Proskauer Rose achieved revenues up 13% to a new high of $1.4B, while average profits per equity partner surged 23.7% to $4.5M.<\/p>\n

Thanks to several recent deals, 8 Bishopsgate has been heading toward full occupancy this year, with Shinhan Bank, a South Korean bank headquartered in Seoul, taking a 10-year lease for the 44th floor, comprising circa 8,600 SF. That brought the building to 95% occupancy, with three floors available.<\/p>\n

Stanhope and MEL also signed The Access Group, a business management software business, for space earlier this year.<\/p>\n

At the end of the first half, commercial leasing in the City reached 3.1M SF, up 12% on the long-term average, with five transactions over 100K SF signed, Savills said. The largest transaction to complete during Q2 was Squarepoint’s prelet of\u00a0J.P. Morgan Asset Management<\/a>‘s 65 Gresham Street refurbishment, which is due for handover in 2028.<\/p>\n

In addition, State Street<\/a>, VakifBank and the London School of Economics purchased buildings for their own occupation,\u00a0and even more recently, Ferrero Rocher bought its own office, acquiring St Paul’s House at 8\u201312 Warwick Lane, EC4.<\/p>\n

Savills is forecasting 5.5% average prime rental growth for 2025 for the City and 4% for the West End, with the imbalance between demand for prime office space and supply expected to sustain a rental differential.<\/p>\n

\u201cThe rent achieved at 8 Bishopsgate is a clear statement, the City\u2019s best-in-class offices are setting new standards,\u201d Savills Director of Central London Agency Catherine Facer said.<\/p>\n

\u201cWith Proskauer Rose signing close to \u00a3150 per SF, it\u2019s clear that businesses are still prepared to pay a premium for standout space in prime locations, especially when it supports talent attraction and retention.\u00a0<\/p>\n

\u201cLooking ahead to the second half of the year, this deal reinforces that prime rents in the City aren\u2019t softening,\u201d Facer added. \u201cIf anything, they\u2019re firming up for top-quality space, particularly in towers with panoramic views and buildings that tick every box \u2014 from ESG to amenities to views. We\u2019re likely to see the gap between best-in-class and secondary stock widen further, with legal and financial firms continuing to drive demand and lead the charge.\u201d\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Courtesy of Stanhope 8 Bishopsgate London\u2019s City office market has come close to breaking through the \u00a3150-per-SF level…\n","protected":false},"author":2,"featured_media":378440,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7757],"tags":[131970,748,393,4884,257,131971,24662,16,15],"class_list":{"0":"post-378439","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-london","8":"tag-8-bishopsgate","9":"tag-britain","10":"tag-england","11":"tag-great-britain","12":"tag-london","13":"tag-mistubishi","14":"tag-stanhope","15":"tag-uk","16":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115102467036481058","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/378439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=378439"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/378439\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/378440"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=378439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=378439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=378439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}