Inmarsat is in talks to move to Great Portland Estates’ upcoming City office block at 50 Finsbury Square, EC2.
The satellite network operator plans to leave its Shoreditch headquarters and has singled out GPE’s site as its preferred choice.
GPE is currently refurbishing the building, which is set to open next year. It will contain 117,900 sq ft of offices, 7,350 sq ft of retail and a 2,180 sq ft gym and wellness centre.
The 15-storey building will also include a new 4,500 sq ft terrace space overlooking Finsbury Square, as well as an eight-storey curved atrium with space for events and flexible working at the bottom.
Inmarsat picked the block from a shortlist of nearby rivals, which included Derwent London’s 125,000 sq ft Featherstone Building, EC1, which also opens in 2022, and HB Reavis’ 134,000 sq ft Worship Street office block, EC2, which opens in 2023.
The company, formerly known as the International Maritime Satellite Organisation, was bought by a consortium of private equity firms led by Warburg Pincus and Apax in late 2019 in a $6bn (£4.2bn) deal.
A condition of the buyout was to promise the government that it would retain its UK headquarters, which has been at 99 City Road, EC1, until at least 2022.
Inmarsat employs half of its 2,000-strong global workforce at the London & Regional-owned site. It completed a refurbishment of the offices in 2019, led by architect HLW.
Built by Helical Bar in 1991, the 162,200 sq ft block overlookings Old Street Roundabout. Inmarsat bought the 999-year long leasehold interest in the building from freeholder BP in 1992.
It then sold the interest to a private investor in 2004, which sold it to Matrix in 2005. London & Regional bought it in 2014.
Cushman & Wakefield is advising Inmarsat. All parties declined to comment.
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