RiverStone International has signed for 25,000 sq ft on level five of 22 Bishopsgate in the City of London on a 15-year lease.
The 1.2m sq ft office building, which completed in December 2020, is now fully let.
AXA IM Alts developed and manages the 62-storey building on behalf of joint venture partners QuadReal Property Group, Temasek and AXA insurance companies, which acquired the site in early 2015 as a partially built development that had stalled in 2012 following the global financial crisis.
The design was reworked by PLP Architecture and the decision to commence construction was made shortly after the Brexit vote in H2 2016.
The BREEAM Excellent-rated building, which is home to more than 100 businesses, was one of the first buildings in the UK to achieve the WELL Core & Shell accreditation.
John O’Driscoll, global co-head of real estate at AXA IM Alts, said: “This final office lease marks another significant milestone for 22 Bishopsgate, a project we are proud to say has redefined what an office building should – and now needs to – offer. We recognised early that changing occupier requirements would call for a structural shift in workplace design and operations, with service levels more akin to a hotel than a traditional office.
“Having developed 22 Bishopsgate through both Brexit and the pandemic – periods of significant uncertainty for both London and the office sector – the building is now fully let, with average rents exceeding our original underwrite, demonstrating that we were right to have the courage of our convictions. Post pandemic we have seen a huge acceleration in the evolution of occupier requirements further contributing to the building’s success, with many of the future proofing ‘nice-to-have’ features we incorporated now viewed simply as ‘must-haves’.
“With little supply to match occupiers’ stringent new requirements, we are now pushing ahead with another significant development in London, at 50 Fenchurch Street, due for delivery in 2028. From the outset we said that we were designing 22 Bishopsgate as ‘the place we would want to work’, after moving in ourselves in 2021, I am pleased to say we have achieved just that.”
Jay Kwan, managing director, Europe, at QuadReal, added: “QuadReal is committed to meeting the demand for best-in-class office spaces. The delivery and success of 22 Bishopsgate were possible because of strong partnerships, a shared commitment to prioritising employee well-being and sustainability principles and ensuring the entire vertical village is powered by state-of-the-art technology.
“Today, 22 Bishopsgate is a well-received mix of high-quality office space, 120,000 sq ft of amenity space and is a destination for leading international and domestic businesses. We look forward to continuing to work with AXA IM Alts, which has been a great partner and asset manager.”
Stéphane Jalbert, managing director, head of Asia Pacific and Europe, real estate investments at PSP Investments, said: “We are delighted that 22 Bishopsgate has reached full occupancy, marking a significant milestone for this asset. This achievement highlights the building’s appeal as a premier office space in a prime location, offering state-of-the-art amenities and high sustainability credentials, as well as the outstanding work the team at AXA IM Alts has undertaken to make 22 Bishopsgate such a success.
“It stands as a testament to PSP Investments’ unwavering commitment to creating sustainable, future-fit workspaces that cater to the evolving needs of modern businesses and reflects our continued belief in London as one of the world’s leading centres of business.”
