Mitsubishi Estate London and Stanhope have filled their 8 Bishopsgate office tower in the City of London, as international law firm King & Spalding expands to take the final floor available.
Taking the 8,479-square-foot highest office floor, Level 47, on a 12-year lease, King & Spalding’s total footprint now takes in seven floors and almost 60,000 square feet. King & Spalding signed on Levels 27-31 in 2023 and expanded into the 41st floor in 2025.
The rent paid has not been disclosed but King & Spalding is understood to have agreed to pay £155 per square foot, a near record for space in the City of London, just behind the £160 per square foot Ripple agreed to pay at One Leadenhall, as revealed by CoStar News.
The 550,000-square-foot building is now fully occupied.
According to Knight Frank's recent London office report, tightening supply has led to a sharp repricing of London’s best buildings with a record 170 deals completed last year at rents above £100 per square foot. Prime rents in the West End Core lifted 15.6% to a record £185 per square foot. Likewise, prime rents in the City Core reached £102.50 per square foot, a 7.9% annual increase.
Patrick Scanlon, senior director of market analytics at CoStar, explained: "“Office construction has fallen by almost 20% over the last two years, amid persistently high debt, construction and labour costs, along with continued uncertainty in the economy. Construction starts are now at their lowest levels for 15 years, which will place further upward pressure on prime headline rents.”
Mitsubishi and Stanhope describe 8 Bishopsgate as the first development to "truly deliver a range of occupier focused amenity" with 10% of the building, or 75,000 square feet, set aside for amenity. This includes the Think Tank, a 200-seat auditorium, with associated meeting rooms, alongside food and beverage offerings on the ground, first and 26th floors. There is also The Lookout, a free public viewing gallery and private event space on the 50th floor.
The partners said in a release with the letting that it was the first tower in London to achieve BREEAM ‘Outstanding’ and is EPC A rated.
Kevin Darvishi, head of leasing at Stanhope, said in a statement: “Reaching full occupancy at 8 Bishopsgate is a landmark moment and clear endorsement of the long-term vision behind the building, from its sustainability credentials through to the breadth of amenity. Following a competitive leasing process with occupiers vying for the last space in the building, King & Spalding’s continued expansion underlines how 8 Bishopsgate meets the changing needs of today’s world-class organisations in the City of London.”
Shinichi Kagitomi, chief executive of Mitsubishi Estate London, said: “It is the best possible endorsement to have an existing occupier increase its presence within the building and we are pleased to have been able to accommodate King & Spalding’s expansion needs.”
Tom Sprange KC, King & Spalding London office managing partner, said: “We moved into 8 Bishopsgate two years ago and the fact we have taken on two new floors since then, including now the 47th floor, underscores the importance of the building to the firm’s expanding London practice."
8 Bishopsgate’s occupiers include: Access, AEW, BancTrust, Bayern Landesbank, Bentley Systems, Cambiaso Risso Group, CFC, CITIC CLSA, Faegre Drinker, First Abu Dhabi Bank, Harmonic, Helios Towers, Huckletree, JB Draw Honore, King & Spalding, Mewburn Ellis, Proskauer, SCOR Investment Partners, Shinhan Bank and SThree.
Knight Frank and Newmark advised MEL and Stanhope. Cushman & Wakefield advised King & Spalding.