Generating key takeaways...
The legal firm’s recent lease deal pushes London’s City office rents to unprecedented heights, signalling a surge in demand for premium workspace in the post-pandemic era.
London’s City office market is pushing new boundaries in rental values, with New York law firm Proskauer Rose recently breaking records by agreeing to pay close to £150 per square foot for additional space in the prestigious 51-storey tower at 8 Bishopsgate. This deal, brokered with building owners Stanhope and Mitsubishi Estate London, nearly doubles the £86 per square foot previously paid by Proskauer Rose when it first occupied 60,000 square feet at the building shortly after its launch in 2023. The firm’s latest agreement, adding another full floor, significantly eclipses the average City prime rent, which itself set a new high of £104 per square foot in the second quarter of 2024, according to property advisor Savills.
This transaction tops the prior record in the City, recently established when Banco Master leased the 44th floor at 22 Bishopsgate for £122.50 per square foot. That record had just surpassed the £122 per square foot secured on the 56th floor of the same tower. Proskauer Rose’s commitment to such premium space comes on the back of its reported financial success, with revenues reaching a record $1.4 billion in 2024 — a 13% increase — and average profits per equity partner soaring by 23.7% to $4.5 million. These figures underpin the firm’s ability to invest in top-tier office environments that support both their operational needs and talent retention efforts.
8 Bishopsgate itself is rapidly nearing full occupancy, bolstered by several high-profile tenants. Shinhan Bank, based in Seoul, recently signed a 10-year lease for the 44th floor, adding around 8,600 square feet and bringing the building’s occupancy to 95%. The Access Group, a business management software provider, also leased space earlier in the year. Additionally, the building attracts significant interest from financial and investment sectors, with Hong Kong-based investment group CITIC CLSA securing a 15-year lease for approximately 16,000 square feet at rents exceeding £90 per square foot. Similarly, the global reinsurance company SCOR has taken 50,000 square feet at an estimated £91.24 per square foot, marking the building as one of the most attractive modern office spaces in the City.
The strength of demand for prime office space is reflected across the City of London market more broadly. Commercial leasing activity reached 3.1 million square feet in the first half of 2024, a 12% increase on the long-term average, with several deals surpassing 100,000 square feet signed. Noteworthy among these is Squarepoint’s pre-let of a refurbishment project at 65 Gresham Street managed by J.P. Morgan Asset Management, scheduled for completion in 2028. Beyond leasing, owner-occupiers have also been active; notable acquisitions include State Street, VakifBank, the London School of Economics, and confectionery giant Ferrero Rocher, which recently purchased St Paul’s House on Warwick Lane.
Market observers project continued rental growth, forecasting a 5.5% rise in average prime rents for the City in 2025, outpacing a predicted 4% increase for the West End. This trend is attributed to a pronounced imbalance between supply and demand, particularly for best-in-class office spaces that offer cutting-edge amenities, sustainability features, and desirable views from towers like 8 Bishopsgate. Catherine Facer, Director of Central London Agency at Savills, remarked that the Proskauer Rose deal reaffirmed the market’s willingness to pay a premium for standout locations that aid in attracting and retaining top talent. She emphasised that prime rents in the City remain robust, with demand concentrated in superior buildings meeting stringent ESG, technological, and amenity standards. The widening gap between prime and secondary office stock is expected to continue, driven principally by legal and financial firms.
The success of 8 Bishopsgate showcases how modern requirements and sustainability considerations are reshaping London’s office landscape. The building’s combination of panoramic views, class-leading design, and tenant-focused amenities aligns with the upward trajectory of rents in prime City locations. As businesses recalibrate post-pandemic with hybrid working models favouring quality office environments, towers like 8 Bishopsgate illustrate the evolving demand dynamics, where firms are increasingly prepared to invest heavily in real estate that supports their operational and strategic ambitions.
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Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
9
Notes:
The narrative reports a recent record-breaking rent deal at 8 Bishopsgate, London, involving Proskauer Rose. The earliest known publication date of similar content is August 26, 2025, from CoStar News. ([costar.com](https://www.costar.com/article/1480173869/city-of-london-office-rent-record-shattered?utm_source=openai)) The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The content appears original and not recycled. No earlier versions show different figures, dates, or quotes. The article includes updated data and does not recycle older material. No republishing across low-quality sites or clickbait networks was identified. The narrative is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The content appears original and not recycled. No earlier versions show different figures, dates, or quotes. The article includes updated data and does not recycle older material. No republishing across low-quality sites or clickbait networks was identified.
Quotes check
Score:
10
Notes:
No direct quotes are present in the narrative. The content is paraphrased and does not include any direct quotations.
Source reliability
Score:
8
Notes:
The narrative originates from CoStar News, a reputable source in commercial real estate news. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The content appears original and not recycled. No earlier versions show different figures, dates, or quotes. The article includes updated data and does not recycle older material. No republishing across low-quality sites or clickbait networks was identified.
Plausability check
Score:
9
Notes:
The narrative reports a record-breaking rent deal at 8 Bishopsgate, London, involving Proskauer Rose. The earliest known publication date of similar content is August 26, 2025, from CoStar News. ([costar.com](https://www.costar.com/article/1480173869/city-of-london-office-rent-record-shattered?utm_source=openai)) The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The content appears original and not recycled. No earlier versions show different figures, dates, or quotes. The article includes updated data and does not recycle older material. No republishing across low-quality sites or clickbait networks was identified.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is fresh, original, and based on a reputable source. No discrepancies or signs of disinformation were identified. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The content appears original and not recycled. No earlier versions show different figures, dates, or quotes. The article includes updated data and does not recycle older material. No republishing across low-quality sites or clickbait networks was identified.
