US business news TV channel CNBC is closing in on a deal to take new studio space in London, in a transaction that real estate professionals say would be a vote of confidence in the Square Mile’s ability to become a hub for media broadcasting.
The NBCUniversal-owned channel leases a floor at Crosby Group’s 10 Fleet Place, EC4, as its European headquarters, which it has shared with sister channel Sky News since 2019. But the channel now plans to move out, according to a source familiar with the matter. Plans lodged with the City of London Corporation propose turning the ground floor and mezzanine levels into a new live broadcasting studio for the channel of roughly 2,650 sq ft.
A planning statement from Rolfe Judd Planning noted that the space has been vacant since at least 2017 and has been challenging to lease due to changes in use classes. The firm said discussions between the landlord and CNBC “are at an advanced stage” but added that “owing to the particular type of land use operation proposed, there is a desire from both parties to have greater clarity that the proposed land use is indeed permissible to the premises”.
“Securing the tenancy of CNBC is a significant vote of confidence in the City of London as a centre for media and business broadcasting,” the team at Rolfe Judd said.
It added: “The proposed live broadcasting use, complemented by the identification of CNBC as tenant, is of significant importance to the City, recognising its national and international business importance. The live broadcasting provides an active use at the ground floor of the building, whilst promoting London as a centre for business during broadcasts.”
The ground floor of the Addington Capital-managed building has been marketed for £59.50 per sq ft, without considering the change of use, according to EG Radius data.
Addington Capital declined to comment further on the plans.
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