Riverstone fills 22 Bishopgate as final lease signs

The City of London’s tallest office building, 22 Bishopsgate, EC2, is now fully let following RiverStone International’s deal to take 25,000 sq ft on a 15-year lease. The firm, which buys legacy and discontinued insurance business, has signed to take the whole of the fifth floor of the 1.3m sq ft building, the last available space in the 62-storey tower. According to EG Radius data, the deal was signed in December. Rents in the building range from around £80 per sq ft to well over £100 per sq ft. 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.” Stéphane Jalbert, managing director and head of Asia-Pacific and Europe, real estate investments at PSP, added: “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.” 22 Bishopsgate was developed by AXA IM Alts and is managed by the group on behalf of PSP Investments, QuadReal, Temasek and AXA insurance companies. The building is home to more than 100 businesses including 77 start-ups and SMEs in its flex and coworking space and 27 domestic and international businesses on more traditional longer term office leases of primarily 10-15 years. Occupiers span multiple sectors across the technology, renewable energy, legal, finance, insurance, investment management and data analytics industries.