Global law firm Covington & Burling has signed a long term lease agreement for 86, 000 sq ft across four floors at AXA IM – Real Assets‘ 22 Bishopsgate in London.
Covington & Burling, which is headquartered in Washington D.C., has taken floors 51 to 54 of the 62-storey building on a long term lease, along with expansion options. The law firm is expected to move its London headquarters from the Strand, in the West End, to 22 Bishopsgate in 2021.
22 Bishopsgate is the 1.4 million sq ft (130,000 sqm) people-focused office development in the heart of London being managed and developed by AXA IM – Real Assets, on behalf of an international consortium of investors, with Lipton Rogers Developments retained as developer.
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“We have achieved our main objective in finding a new London location before our current lease ends in 2021. We are very fortunate that this process, which began well before the Covid-19 pandemic hit, culminated in placing the firm’s London office in a recognizable landmark building in a vibrant neighbourhood in the centre of London. 22 Bishopsgate will allow us to construct the firm’s most efficiently planned space while promoting the firm’s culture of teamwork, collaboration and community among our lawyers and staff. This will facilitate our ability to deliver world-class client service. 22 Bishopsgate’s focus on cutting-edge technology and enhanced efficiencies aligns with our priorities as we continue to grow in the London market,” said John Waters, Executive Director, Covington & Burling.
Harry Badham, UK Development Director at AXA IM – Real Assets, commented: “This letting reflects the continued trend of high value businesses from multiple sectors moving eastwards within central London, driven by the quality of real estate and transport infrastructure and access to the huge available talent pool. The letting demonstrates that businesses in London are able to look through the current situation and make forward looking decisions to facilitate the needs of their staff and their longer term growth. The calibre of Covington & Burling as a firm is a testament to the quality of the workplace at 22 Bishopsgate, with its people-focused vision and emphasis on providing amenities that enable the highest levels of efficiency and wellness for residents. Covington & Burling is ideally suited to 22 Bishopsgate and we look forward to starting their fit-out later this year and welcoming their staff in 2021.”
JLL and CBRE acted for 22 Bishopsgate while Savills and Simmons and Simmons advised Covington & Burling.