How JLL helped create 22 Bishopsgate, the workplace of the future

Challenge:

In 2008, construction started on an office tower called The Pinnacle in the City of London, which would have been the second tallest building in the UK. Due to the Global Financial Crisis, construction was suspended in 2012 and after several unsuccessful attempts to galvanise the project, no progress was made until 2016 when a consortium of investors, fronted by AXA IM, purchased the site. AXA IM appointed Lipton Rogers Developments as their joint venture partner to develop the largest speculative office tower ever delivered in the UK. They appointed JLL to create a vision for the asset and to implement a pre-leasing, post-practical completion leasing and marketing strategy. The asset was transformed and became the destination of choice for some of the world’s most well-known companies from a diverse of sector base. The property was rebranded 22 Bishopsgate and the team had significant ambitions to deliver a scheme with a market-leading offer in terms of amenity, wellness, sustainability and technology. In doing so, 22 Bishopsgate is setting a new standard for what modern office towers should aspire to be. 

We took on this challenge, and Lipton Rogers and AXA made their vision clear — they wanted 22 Bishopsgate to be the standard for sustainability, wellbeing and community — a place where corporate tenants and their employees would benefit from a workplace that encourages happiness at work, while boosting productivity and creativity. In order to bring their vision to life, we were involved throughout the full asset cycle. Several JLL teams were embedded throughout the life of the project, including Leasing and Tenant Rep, Flex, Management, Sustainability, Valuation, Research and Development Advisory teams in order to transform this high-profile, complex site into an amenity-rich, tech-enabled, healthy workplace of the future.

Solution:

We were able to purchase the site on behalf of a group of investors. We then provided real-time research into the latest trends in real estate, especially those of global occupiers, as well as detailed valuation reports from site value through completion. At the beginning of the project, a robust pre-leasing and marketing strategy was implemented to highlight the tower’s abilities to meet the needs of today’s increasingly demanding occupiers. Our global experience in buildings of this type was invaluable in helping advise the client on how to promote the tower as a market leader in wellness, sustainability, technology and amenities not just in the UK, but the world.

Our sustainability team was able to create a sustainable blueprint for the tower with a review of global best practices that would help the client appeal to organisations who are focused on ESG, and through our international network, we were also able to target and attract some of the world’s leading brands as tenants of 22 Bishopsgate. 

Some of those sustainability features include: a high-performance sealed triple glazed closed cavity façade with automated solar blinds that reduce building cooling requirements; technical systems designed for fresh and toxin-free air supply throughout the building; oversized 3 metre floor-to-ceiling heights which enable excellent levels of volume and natural light; and a c.17,500 sq. ft. fresh food market to encourage healthy eating. Our Flex team alongside Tetris (a JLL company) helped to created a fully fitted flexible solution that helped 22 Bishopsgate to appeal to a wider target audience, including those seeking short-term flexible accommodation. We also offered advice on day-to-day management strategy and operations for the entire building.

Results:

This 278 metre, 62-storey vertical business campus is the largest office tower in Western Europe, and will be able to support 12,000 workers and visitors when fully leased. Convene, a flex-space operator, will also provide 50,000 sq. ft. of event, meeting and auditorium facilities to the building.

Enhanced floor-to-ceiling heights and low iron glass allow greater volume and natural light to penetrate onto the floors; it’s the first building in the UK to apply for the WELL Building Standard; it is Wiredscore Platinum Certified and rated BREEAM Excellent. 

The 100,000 sq. ft. of communal and amenity space includes: an innovation hub for start-up businesses,food market, restaurant and bar, gym with climbing wall, wellbeing retreat and spa, viewing gallery, and an extensive rolling programme of art throughout the building. Last but not least, it has the Active Commuter Park — which is the largest bicycle park in London — providing showers, cycle spaces, Brompton bicycle hire and E-charging points for those looking for greener ways to commute to and from work.

The building was 55% pre-leased to 14 occupiers from a diverse occupier base. This was the largest volume of transactions for an office tower in Central London with c. 700,000 sq. ft. pre-let or under option. We successfully advised the client on pre-leasing space to a number of high-profile brands from a wide range of sectors, including Apple, Nasdaq, Covington & Burling, Cooleys, Verisk, and Statkraft. This exceeded the client’s original business plan of 35% pre-leased and led to premium leasing transactions prior to the practical completion of 22 Bishopsgate in October 2020. The diverse group of tenants helped to prevent oversaturation of a single sector, decreasing the risks of any downturns in the marketplace.

Photo credit: Edmund Sumner