Yahoo’s new parent company is searching for a new West End headquarters of up to 80,000 sq ft in size.
US telecommunications giant Verizon, which is currently in the process of merging together internet giants AOL and Yahoo, has instructed JLL to seek new offices ahead of a Yahoo lease expiry at 125 Shaftesbury Avenue, WC2, later this year.
The exact scale of the search is yet to be decided upon: depending on which elements of the businesses are integrated, the Yahoo brand could seek 40,000-50,000 sq ft or, acting with AOL, a significantly larger 70,000-80,000 sq ft.
In 2014, Yahoo regeared its lease at Almacantar’s 125 Shaftesbury Avenue until the end of 2017, and abandoned an 80,000 sq ft search for space. Yahoo are on the 3rd, 5th and 6th floors of 125 Shaftesbury Avenue, total occupation is 57,548 sq ft.
AOL currently occupies the ground & fourth floors at Shropshire House, Copper St, WC1E, across 14,416 sq ft.
Verizon acquired Yahoo in a $4.48bn deal last month, and will need to locate a new HQ by the end of 2017, as flexible office company WeWork will be refurbishing and moving into its space on Shaftesbury Avenue.
Other technology, media and communications firms currently in the market for West End space include Sony and LinkedIn. Earlier this week, Spotify agreed to lease 100,000 sq ft at Blackstone’s Adelphi Building off the Strand.
To send feedback, e-mail nick.johnstone@egi.co.uk or tweet @n_johnstone or @estatesgazette
