Tishman Speyer Leases 45 Percent of Angel Square
Tishman Speyer has signed two new tenants for 43,500 square feet at Angel Square in London, pushing the building’s occupancy to 45%, according to a market report published Thursday. The US investor’s latest leasing activity marks a step forward for the property, though it still leaves more than half the space available.
Two new leases, no tenant names disclosed
The identities of the tenants were not revealed in the report. The deal adds to a slow but steady stream of office leasing in London’s submarkets this year. Tishman Speyer acquired Angel Square several years ago and has been working to fill the building since then.
The 45% figure is an improvement from earlier levels, but it’s still below the occupancy rates typical for well-located London offices before the pandemic. Industry observers have noted that many landlords are offering concessions and flexible terms to attract tenants.
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Office market still adjusting to hybrid work
London’s office market has seen a patchy recovery. While prime space in the West End and City commands high rents, secondary buildings and those farther from transport hubs have struggled. It sits in the Angel area of Islington, a location that offers good transport links but isn’t in the traditional core.
It is one of the largest privately held real estate firms globally, with a portfolio that includes Rockefeller Center in New York. The company has been active in London for decades, owning and managing several office properties.
The filing did not specify lease terms or rental rates for the new deals. It’s common in such announcements for landlords to keep financial details confidential.
What 45% occupancy means for the building
For a building that has been on the market for a while, reaching 45% let is a milestone, but it’s not a full recovery. Some analysts say that landlords need to hit at least 70% occupancy before a property becomes cash-flow positive after debt service. That threshold varies by building and financing structure.
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The property’s owners have not commented publicly on the new leases beyond the announcement. It offers modern office space, but competition from newly developed towers in the City and Canary Wharf remains fierce.
One slightly unusual aspect of the announcement is the timing — the filing dates the news to May 2026, which is nearly two years from now. That could be a placeholder or an error in the source material, but the leasing data itself is treated as current by the publication.
Broader trends in London office leasing
Across London, office leasing volumes in the first quarter of 2025 were down compared to the same period last year, according to data from real estate services firms. Companies are taking less space overall, but they’re demanding higher quality finishes and better amenities.
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The trend toward “flight to quality” has benefited newer buildings like those in the City core, while older stock gets left behind. The building, which was built in the early 2000s and refurbished later, sits somewhere in between.
The developer has a track record of repositioning assets. The firm might be planning further upgrades to attract more tenants, but the filing didn’t mention any renovation plans.
For now, the two new leases are a positive sign for the property. Whether they signal a broader turnaround for the building or just a one-off deal will depend on the next few quarters of leasing activity.
