Practical completion has been reached on 22 Bishopsgate, reports AXA Investment Managers - Real Assets.

Europe’s first vertical village aims to set a new standard for office space. The building has been built and will be managed to the highest technology and sustainability standards, in order to support the varying needs of people and businesses today, having taken a people-first approach to design improve the daily working lives of its residents.

Lipton Rogers Developments, AXA IM - Real Assets’ development partner for the project and Multiplex, the development’s main contractor, have now handed the project over to 22 Bishopsgate’s operational team who will oversee the onboarding of the first occupiers. The project is expected to be fully operational and formally open mid-2021.

About 60% of the space, representing around 680,000 sqft, has been pre-let to 14 occupiers from asset management, legal, technology, and professional services sectors. The occupiers include Beazley, Convene, Canopius, Cooley, Hiscox, Nasdaq, RGA, Statkraft, THB Group, a US data analytics and risk assessment firm, a fortune 100 technology company and AXA Investment Managers

The first five tenants, on eight floors in total, are due to complete the fit-out of their space in early 2021, with some having commenced their works in late 2019 / early 2020.

As a result of practical completion, these tenants are now able to connect to 22 Bishopsgate’s central systems and converged technology ahead of their first staff moving in from Q1 next year.

A further four companies are already in the process of fitting out another seven floors in total, with staff expected to take residency during Q2 2020. The remaining four pre-let occupiers are expected to begin fit-out of eight floors during the first few months of 2021.

Harry Badham, UK Development Director at AXA IM - Real Assets, said: “From the outset, 22 Bishopsgate was conceived as a people-centred and technological advanced building and now, more than ever, do we appreciate the importance of that goal. Against the backdrop of the pandemic, many structural changes that were dictating the future of the real estate industry have accelerated exponentially - changing people’s expectations and leading to increased demand for healthier, more uplifting, more purposeful and more productive spaces. Many aspects of 22 Bishopsgate were aspirational when they were originated but are now fundamental necessities, and many more ideas are available to us using new technologies. We have no doubt that, while it continues to evolve and adapt, the office will remain central to people’s lives - driven by the collaboration, learning, relationships, continuity and sense of belonging it helps inspire. To create a great place for our residents, we must also be prepared to be continually assessed and to continually respond to their requirements.
I would also like to reflect on and thank the thousands of people who have been involved in safely completing the construction of this fantastic project and reflect on their remarkable dedication. Millions of hours have been spent by thousands of men and women who have poured concrete, fixed steel, installed windows, plants, lifts and a whole host of other essential duties throughout exceptional conditions, particularly, over the past 9 months. I believe 22 Bishopsgate is a fitting testament to their efforts.”

Sir Stuart Lipton of Lipton Rogers commented: “We are delighted to see the construction of this ground breaking project come to completion. 22 Bishopsgate breaks new ground focussing on the needs of office individuals and providing them with new amenities, technology and hotel-style management producing the office of the future.”