Invesco is closing in on a deal to take new office space in a move that would see the investment manager shift its operations to the City of London from the West End.
The Atlanta-headquartered firm is nearing a deal to take space in LaSalle IM’s 60 London Wall, EC2, where it would occupy 41,118 sq ft on the third floor of the building. It is in talks to take a 15-year lease.
If the deal closes, the firm would relocate staff from its current premises at 43-45 Portman Square, W1, where it has space on the second, third and fourth floors. It has another office in Oxfordshire at Perpetual Park, Henley-on-Thames, which it uses as its registered address. Sources close to the transaction said it is still possible that Invesco will stay put.
The deal would mark a downsize in the company’s London office space. In its latest accounts, covering 2022, Invesco UK said it had undergone a restructuring to reduce staff costs.
Rethinking its real estate in London comes as part of a group-level strategy. Allison Dukes, chief financial officer, said on an earnings call in January: “We are looking at our margins at a granular level on where we can really unlock some costs and evaluate some of what has been done in the past and perhaps where it doesn’t need to be done that way in the future. We have been on a multi-year effort as it relates to facilities and rationalisation of office space.”
She added: “That takes many years to really make it dent in, and we will continue to do things like that. But it’s broader than that and really thinking about how we streamline our business, how do we really think about operating more holistically.”
JLL acts for LaSalle IM on lettings at 60 London Wall.
Send feedback to Chanté Bohitige
Follow Estates Gazette
