Goldman Sachs is contemplating a £1bn-plus sale-and-leaseback of its new City headquarters.
The investment bank has appointed CBRE to advise on the prospective deal, according to Bloomberg.
It is developing the new 840,000 sq ft Fleet Building at 40 Shoe Lane, EC4, to where it is due to move staff in 2019.
The sale will be a test of the GS covenant in the context of comments made by its chief executive Lloyd Blankfein and its commitment, or not, to a post-Brexit London, and any buyer will need to take a view as to how likely the bank is to occupy the building long-term.
In October Blankfein Tweeted: “In London. GS still investing in our big new Euro headquarters here. Expecting/hoping to fill it up, but so much outside our control. #Brexit.”
He followed this by indicating that Frankfurt would be a beneficiary as a result of Brexit in relation to the movement of some GS departments, tweeting: “Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I’ll be spending a lot more time there. #Brexit.”
The move to the new London headquarters will leave a number of buildings vacant, which may pose headaches and redevelopment opportunities for its existing landlords including a subsidiary of QIA, which owns Peterborough Court, EC4.
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