Major City Tower Closes In On 200K SF Of Lettings
One of the largest office towers to have completed in the City of London in recent years is close to securing lettings totalling 200K SF.
Two companies in the insurance sector are in talks to take space at Mitsubishi Estate and Stanhope’s 560K SF 8 Bishopsgate scheme, CoStar reported. Another two firms are also considering the building and could lease a further 100K SF.
The deals would be a boost for the City market, where leasing levels remain subdued. Data from BNP Paribas Real Estate showed that 2.2M SF were leased in the City in the first half of 2023, 27% down on the prior year and 10% below the five-year first-half average.
CFC Underwriting is in talks to take 140K SF at 8 Bishopsgate, CoStar reported. The firm currently occupies five floors at 85 Gracechurch Street.
French reinsurer SCOR is also in talks to take 60K SF. Other firms considering the building for moves include law firms King & Spalding, which is looking for 40K SF, and Proskauer Rose, which is looking for 60K SF.
The building was completed in July and offers 75K SF of amenity space, including a 200-seat auditorium, cafés, restaurants and meeting rooms.
Around 75K SF is leased, with law firm HFW having taken 60K SF and insurance sector company Atrium leasing just under 15K SF.
The building has a BREEAM Outstanding rating and an Energy Performance Certificates A rating.
Prime rents for the best buildings have held firm at £72.50 per SF, BNP data showed, even as leasing rates have dropped. That is because supply of new buildings remains low and companies are moving out of older, less sustainable offices and into newer spaces.
