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My personal preference would be London, because it's a wonderful city and there is so much to do there. However, my professional preference? Not many US students go to Istanbul, or have much in-person experience with this region of Europe/the Middle East, or with a country that is majority Muslim. I think, at a minimum, Istanbul may make you stand out from the crowd with employers. If you also plan to do law that somehow touches on issues in this area of the world, or to work in the US governement post-grad, it may be of great benefit to go to Istanbul.
With that said, also look at what, specifically, you'll be studying while abroad. Does the coursework of one program more strongly match your own professional goals? If so, that should also be a strong consideration.
Istanbul is actually really developed and you can get a whole new perspective if you go there. But you'll probably still build better networks by going to London.
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