US law firm eyes City skyscraper 22 Bishopsgate for new headquarters
A US law firm is said to be eying up office space in the new 22 Bishopsgate skyscraper, marking a major show of confidence in the City after the pandemic.
Skadden, Arps, Slate, Meagher & Flom is closing in on a deal to lease several floors in the building, which is the largest building in the Square Mile.
The firm hired JLL, which acts as leasing agent at 22 Bishopsgate alongside CBRE, to advise on potential new office space last year, according to EG, which first reported the move.
If completed, the deal will see Skadden leave its current base in Canary Wharf for the first time in almost two decades.
The move will also mark a downsizing from its current office space of 90,000 square feet to around 70,000 square feet.
When it began its search the firm had reportedly been seeking 120,000 square feet, but has now scaled down its ambitions.
Skadden, which is based in New York, employs roughly 144 lawyers and 28 partners in London, the majority of whom have been working from home over the last year.
It will join fellow US law firms Cooley and Covington & Burley in 22 Bishopsgate. Other tenants include insurance giants Hiscox and Beazley.
The skyscraper, which was completed late last year, is London’s second-tallest building behind the Shard. It boasts 1.2m square feet of office space over 62 storeys.
It will also house meeting spaces, restaurants, bars and fitness facilities including London’s first climbing window.
The move would mark a major show of confidence in the City even as some businesses shift to a more flexible working model after the pandemic.
Other law firms including Slaughter and May, Baker McKenzie and Linklaters have also signed new leases in the capital in recent months.