AXA Investment Managers - Real Assets adds global law firm Cooley to 22 Bishopsgate
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe, has agreed another new lease at 22 Bishopsgate, its flagship London development, having pre-let 75,000sq ft on a 17-year lease to Cooley LLP, the leading US-based law firm for technology. life-sciences and high-growth industries. 22 Bishopsgate is the 1.4 million sq ft (130,000 sqm) people-focused office development in the heart of London being managed by AXA IM - Real Assets, on behalf of an international consortium of investors, with Lipton Rogers Developments retained as developer.
Cooley, which is headquartered in Palo Alto, California, is expected to move its c. 200 strong London team to 22 Bishopsgate in 2020 where it has taken c. 75,000 sq ft on the 22nd, 23rd and 24th floors of the 62 storey building, on a 17-year lease. Having recently launched its London office in 2015, the move forms part of the law firm’s ambitious growth plans for Europe, underpinned by the abundance of talent and business opportunities at its disposal in London.
At 22 Bishopsgate, Cooley will benefit from a more cost-effective and efficient occupation with over 100,000 sq ft (9,300, sqm) of extensive amenities and common facilities available throughout the building. These include a first of its kind, 20,000-square-foot food hub run in partnership with leading hospitality group rhubarb and champions of grassroots talent of the food and beverage industry, The Young British Foodies (YBFs), an innovation hub, a gym with London’s first ‘sky-wall’ climbing window, which is 125 metres above ground level on the 25th floor, a wellbeing retreat on the 41st floor, a business club, cycle storage and repair facilities, as well as the capital’s highest free public viewing gallery, with art interventions throughout.
22 Bishopsgate is a new, people-focused workplace destination, which will be Europe’s first vertical village, and expected to accommodate a community of up to 12,000 occupiers and visitors. 22 Bishopsgate’s central themes of wellbeing and community aim to allow tenants to benefit from the direct correlation between happiness at work and quality of workplace with increasing an individual’s productivity and creativity. It has been designed to put user experience and human interaction at the centre of its offer and will be the first major London building to embody the structural and cultural shifts in how people work and live, embracing a range of community amenities and using the latest technology.
22 Bishopsgate will also be built and managed to the highest technology and sustainability standards, in order to support the varying needs of businesses today and in the future and is the first building in the UK to apply for the WELL Building Standard.
Cooley is the fifth occupier to have committed to 22 Bishopsgate in advance of its completion, with 25% of the building already pre-let to Hiscox, Beazley, AXA Investment Managers, and RGA, while there are strong levels of interest and a number of transactions pending for the remaining space.
Harry Badham, UK Development Director at AXA IM - Real Assets, commented: “As an ambitious and growing firm, the decision by Cooley to choose 22 Bishopsgate as its new home and base for expansion in Europe not only endorses our vision for the building but further demonstrates the strong appeal of the offer we are delivering, as well as the quality and diverse range of occupiers we are in discussions with to join the building’s community.
We worked very closely with Cooley from the outset in order to best facilitate their decision to expand their office in London and we look forward to supporting their ongoing success.”
Justin Stock, Managing Partner, London at Cooley LLP commented: “We set out to make a positive impact in London, and the journey since launch has been inspiring. Our talented team and unique culture have ensured our success to date. Moving to this flexible, collaborative and cutting-edge new space offers us every opportunity to grow and build further.”
CBRE and JLL acted for 22 Bishopsgate while Knight Frank (UK) and Newmark Knight Frank (US) advised Cooley.
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1 Source: INREV/ANREV Fund Manager Survey – May 2019 – in terms of assets under management
2 AXA IM – Real Assets’ data as of end of March 2019 (unaudited)
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About AXA Investment Managers
AXA Investment Managers (AXA IM) is an active, long-term, global, multi-asset investor. We work with clients today to provide the solutions they need to help build a better tomorrow for their investments, while creating a positive change for the world in which we all live. With approximately €750 billion in assets under management as at end of March 2019(1). AXA IM employs over 2,350 employees around the world and operates out of 30 offices across 21 countries. AXA IM is part of the AXA Group, a world leader in financial protection and wealth management.
About AXA Investment Managers - Real Assets
AXA Investment Managers - Real Assets has €82 billion in assets under management, including €62.8 billion in direct property & infrastructure and €15.6 billion in real asset finance as of end of March 2019(2). We offer a 360° approach to investing in real assets, which comprises opportunities in equity or debt, across different geographies and sectors, as well as via private or listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe(3), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise over 600 people in 13 offices that operate in over 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.
AXA Investment Managers is part of the AXA Group, a world leader in financial protection and wealth management.
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1 Source: AXA IM unaudited data
2 Source: AXA IM - Real Assets’ unaudited data
3 Source: INREV/ANREV Fund Manager Survey – May 2019 – in terms of assets under management
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