Mitsubishi Estates and Stanhope have signed law firm Proskauer Rose for additional space at their 8 Bishopsgate tower at a record office rent for the City of London.
Proskauer Rose has signed for the 8,000-square-foot 46th floor to leave just one floor, the 47th top floor, available for lease.
Market sources, who declined to be quoted on the record due to commercial considerations, said the law firm has signed for around £147 per square foot. That is significantly ahead of the previous record rent in the City of £122 per square foot that was paid by Banco Master, the Brazilian investment bank, for the top floor of AXA IM Alts' 22 Bishopsgate, the City's tallest tower.
It also comes as a nearby office tower, Brookfield Properties' One Leadenhall, is understood to be in discussions to lease its top floors at £150 per square foot. The moves underline a trend for the most prime offices in London to continue to see significant rental growth.
International law firm Proskauer Rose signed for a first 60,000 square feet on levels 22-25 at 8 Bishopsgate in 2023 in a transaction revealed by CoStar News. The firm is relocating from 110 Bishopsgate.
Proskauer Rose is advised by Cushman & Wakefield; Knight Frank and Newmark act for Stanhope and Mitsubishi.
The 50-storey 8 Bishopsgate, designed by WilkinsonEyre, comprises 560,000 square feet of offices with 75,000 square feet of amenity space, including a 200-seat auditorium, meeting rooms and executive suites, a café, a business lounge, a restaurant, bar and public terrace, and multiple private terraces. The building also has The Lookout, a public viewing gallery and event space on the 50th floor.
Parties involved declined to comment.