Law firm Paul Hastings has signed a pre-let agreement to locate its new London office at 100 Bishopsgate.
The firm will take the top two floors of the 37-storey tower totalling circa 40,000 sq ft Paul Hastings joins other confirmed occupants including Royal Bank of Canada, Jefferies and Freshfields Bruckhaus Deringer. The target date for Paul Hastings’ occupancy in 100 Bishopsgate is in the Third Quarter of 2019.
Located in the heart of the City of London, close to the Bank and Liverpool Street commuter hubs, 100 Bishopsgate is set to become one of the most prominent office towers in London. The new development will include 20,000 sq ft of retail, a circa 30,000 sq ft Equinox health and fitness centre and a new half-acre public realm to further enhance and enrich the environment for the building’s occupiers and the City workforce.
Ronan O’Sullivan, London Office Chair, Paul Hastings LLP, says: “In 2016, the continued growth of the London office required that we move several of our teams temporarily to another location close to our main office. Since then we have continued to grow our business strategically while we searched for somewhere suitable to reunite the entire office. Taking the space in this landmark new building is a sign of our confidence and long-term commitment to the London market.”
Paul Hastings recently announced 25 per cent revenue growth in the London office, following a very successful year that saw the firm take the leading role in key transactions including the restructuring of The Cooperative Bank and the EUR3.5 billion acquisition by NJJ Telecom Europe of a majority of eir, the Irish telecommunications and broadband business.
Martin Wallace, Head of Leasing, Brookfield Properties UK, says: “With the addition of Paul Hastings, 100 Bishopsgate has solidified its position as the most desirable location for blue chip financial and professional services firms. Its location and proximity to excellent transport links combined with the public realm and significant local amenities, makes 100 Bishopsgate such an attractive address. We continue to receive significant interest for the remaining space and are confident that we will secure additional tenants in the coming year.”
The agreement with Paul Hastings furthers Brookfield’s strong track record of leasing its development schemes prior to completion. At 100 Bishopsgate, Brookfield previously announced a 255,000 sq ft pre-let in February 2017 with Freshfields Bruckhaus Deringer, and a250,000 sq ft pre-let with Royal Bank of Canada and a 120,000 sq ft agreement with Jefferies, both of which signed in 2016. Equinox agreed to pre-let 28,000 sq ft in 2017. This brings the total amount of space pre-let or under option at 100 Bishopsgate to 851,000 square feet, or 89 per cent.
