Global law firm Paul Hastings is nearing a deal to relocate its London headquarters to Brookfield Property Partners’ 100 Bishopsgate, EC2.
The US-headquartered firm has placed the top two floors, totalling circa 40,000 sq ft, under offer at the 37-storey tower. It will pay more than £80 per sq ft for the workspace.
The company will join magic circle law firm Freshfields Bruckhaus Deringer, which has agreed to take 255,000 sq ft at the building on a 20-year lease. Royal Bank of Canada has completed a deal to occupy 250,000 sq ft and Jefferies has signed a deal to take 120,000 sq ft.
The deal will leave just three floors totalling around 50,000 sq ft remaining to let at the 950,000 sq ft office development, which includes 30,000 sq ft of retail, a 17,000 sq ft reception and an Equinox-operated gym.
Construction of the scheme began in 2015 and is due to complete this year.
Brookfield Property Partners instructed GM Real Estate and Eastdil Secured at the end of last year to advise on a potential sale of a 50% stake in the tower for around £700m – a net initial yield of 4%.
Paul Hastings’ London headquarters is currently at 10 Bishops Square, E1. It has 21 offices across the US, Asia, Europe and Latin America.
Knight Frank and GM Real Estate are joint letting agents on 100 Bishopsgate; Savills is advising Paul Hastings.
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