US law firm circles 22 Bishopsgate for new HQ
Law firm Skadden, Arps, Slate, Meagher & Flom is lining up space in the vast new City skyscraper at 22 Bishopsgate as its new London headquarters, in a move that would see it leave its Canary Wharf base of nearly two decades.
EG understands that the US firm is closing in on a deal to lease several floors at Axa IM Alts’ tower, which looms tall over the Square Mile and is the second-highest building in London, behind the Shard.
Skadden hired JLL, which also acts as leasing agent at 22 Bishopsgate alongside CBRE, to advise on a potential move last year. Then, it was looking for more than 120,000 sq ft of space, but the new deal would whittle that down to around 70,000 sq ft, sources said.
Law firm Skadden, Arps, Slate, Meagher & Flom is lining up space in the vast new City skyscraper at 22 Bishopsgate as its new London headquarters, in a move that would see it leave its Canary Wharf base of nearly two decades.
EG understands that the US firm is closing in on a deal to lease several floors at Axa IM Alts’ tower, which looms tall over the Square Mile and is the second-highest building in London, behind the Shard.
Skadden hired JLL, which also acts as leasing agent at 22 Bishopsgate alongside CBRE, to advise on a potential move last year. Then, it was looking for more than 120,000 sq ft of space, but the new deal would whittle that down to around 70,000 sq ft, sources said.
The New York-based law firm employs around 144 lawyers and 28 partners in London, most of whom have been working from home for the past year.
It has occupied more than 90,000 sq ft across five floors at 40 Bank Street, E14, in Canary Wharf since the early 2000s, according to Radius Data Exchange.
However, a market source has suggested that a move to the City has become increasingly appealing to Skadden.
Skadden would join US law firms Cooley and Covington & Burling in the 62-storey skyscraper, which reached practical completion in December 2020.
Covington & Burling signed for 86,000 sq ft across floors 51 to 54 in April last year, while Cooley occupies around 75,000 sq ft on floors 22 to 24. Other tenants include UK insurance giants Hiscox and Beazley. More than 440,000 sq ft remains available at the tower across 18 floors.
In total, 22 Bishopsgate provides 1.2m sq ft of offices, along with more than 100,000 sq ft of amenity space. This includes a 20,000 sq ft food hub called The Market across the second floor, innovation hub The Exchange, a members’ club and a gym with London’s first sky-wall climbing window at 125m above the ground.
The news comes after a flurry of activity among London’s law firms, with Slaughter and May, Baker McKenzie and Linklaters among the industry giants to have signed new leases recently.
Slaughter and May is retaining its current space at One Bunhill Row, while Baker McKenzie and Linklaters are moving to new premises at 280 Bishopsgate and 20 Ropemaker Street respectively.
Meanwhile, other firms including White & Case and Dentons are understood to be continuing their search for new office space in the capital.
Skadden, Axa IM Alts, JLL and CBRE declined to comment.
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