The Economist is to sell its West End editorial headquarters on 25 St James’s Street, SW1, where it has been based since the 1960s.
Pearson, which owns the magazine, today also announced it would sell a 50% stake in the Economist Group for £469m – with the Agnelli family’s Exor becoming the largest stakeholder by buying £287m shares.
In May, Exor sold Cushman & Wakefield for £1.4bn to rival agent DTZ.
The Economist’s journalists will now be relocated to a new office to fit “the needs of a 21st century media company”, with a new requirement launched.
The Economist Group’s corporate headquarters is at 20 Cabot Square, E14, along with its Intelligence Unit and EuroFinance arms. It also operates TVC Group from 14-15 Mandela Street, NW1.
Economist Group chairman Rupert Pennant-Rae said: “This agreement will also lead to the sale of the Economist Complex, which has served us well for many years. Now it will enable us to shore up an even greater asset, our independence. New offices, with more space for our digital ambitions and the needs of a 21st century media company, will be found for a new chapter in our history.
“The board is also pleased to welcome Exor, an exemplary shareholder for the past six years, in its new role as the anchor investor in the group. Exor has shown great respect for the culture and traditions of The Economist, underscored by its willingness to cap its voting rights.”
