Blackstone is to take the entirety of the redeveloped Lansdowne House on Berkeley Square, W1, as its European HQ.
The agreement will see Blackstone occupy the 226,000 sq ft, 10-floor building, which is being developed on the site occupied by its current HQ. The new Lansdowne House is being led by developer Co-Re and Stirling Prize-winning architect AHMM.
The world’s largest alternative asset manager has reached an agreement to fully lease what it said will be “one of London’s premier office buildings”, reflecting its commitment to further growth in the region.
Blackstone chair, chief executive and co-founder Stephen Schwarzman said: “It is a source of great pride that Blackstone has been one of the largest foreign investors into the UK since we moved to Berkeley Square over 20 years ago. I am delighted to announce our plans to stay on the square and occupy the redeveloped Lansdowne House, providing our people with the platform to continue investing in the industries of the future and building great companies across Europe.”
Blackstone continues to operate other European offices in Dublin, Frankfurt, Luxembourg, Milan and Paris.
Prime minister Liz Truss said: “Blackstone’s decision to move into new and expanded European headquarters in London is a resounding vote of confidence in the United Kingdom as Europe’s leading financial centre.”
Blackstone has invested more than $27bn (£24.3bn) across 88 businesses headquartered in the UK over the past 20 years. The firm’s London headcount has also doubled over the past three years, to more than 500 people.
Planning permission was secured in November 2020 for the redevelopment, and construction is slated to be completed by 2028.
The scheme, which aims to set “new standards in sustainability” will potentially house more than 1,800 seats, along with 14,000 sq ft of shops on the ground floor.
Bradley Baker, chief executive of Co-Re, said: “This is a real boost for London’s commercial property market and an important endorsement for UK plc. It proves that our city remains an attractive destination for the world’s biggest businesses so long as we can continue to provide them with the very best places to work.
“Occupying the entire southern end of one of London’s most famous garden squares, the redeveloped Lansdowne House will represent the future of the office by meeting the highest possible design and sustainability standards. We are very proud that Blackstone will make it their new home.”
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