AXA IM Alts has signed Banco Master, the Brazilian bank focused on investment brokerage, for the top floor of the City of London's tallest office tower, 22 Bishopsgate, at what is understood to be the highest rent ever paid in the Square Mile.
Banco Master has taken the 21,000-square-foot 56th floor at £122 per square foot. The rent is not only the highest paid in 2024 in the City of London but is thought to be the highest ever paid. According to Savills the average Grade A rent in the City is £70.21 per square feet.
The move underlines the trend for the most prime offices in London to continue to see significant rental growth. In its latest Central London Office Market Watch, Savills describes the move as "a prime example of the rental growth we are currently seeing in the city for best-in-class space".
The building is now close to being fully occupied.
In April, AXA IM Alts announced it was close to 95% let following the signing of two new leases, totalling 35,495 square feet, with global enterprise automation software company UiPath, and an undisclosed London-based service provider.
AXA said around 112,000 square feet of lettings in six deals had been signed over the past year to a "diversified range of globally domiciled businesses".
It added that there was strong interest for the remaining 70,000 square feet driven by what it terms "continuous occupier demand for best-in-class sustainable, adaptable, and amenity-rich workspaces".
The building includes 120,000 square feet of shared space and amenities including a 20,000-square-foot food hub, a central innovation centre and 53,000 square feet of meeting, events, conference and flexible and coworking spaces. The building also includes technology to improve energy consumption, for example through touchless entry systems and an app that allows residents to book gym classes and pre-order food.
22 Bishopsgate is managed by AXA IM Alts on behalf of an international consortium of investors.
It bought the site for £300 million on behalf of the consortium in February 2015. The property covers 1.4 million square feet across 62 floors.
Apple UK is the biggest while other tenants include Hiscox, AXA IM itself and Reinsurance Group of America. 22 Bishopsgate was developed by AXA IM Alts’ Real Assets platform alongside development partner Lipton Rogers Developments.
For a CoStar News feature on the development of 22 Bishopsgate and its drive to innovate click here.
CBRE and JLL advise AXA IM Alts.
AXA IM Alts and JLL declined to comment.