IBM is looking to relocate from its home on the South Bank, where it has been based for nearly 50 years.
The tech giant is understood to have appointed its retained UK adviser, BNP Paribas Real Estate, to find between 150,000 sq ft and 200,000 sq ft in central London with fit-out of the new space needing to start by the first quarter of 2021, to allow the company to move in by the start of 2022.
The IBM Building at 76/78 Upper Ground, SE1, which sits on three acres on the bank of the River Thames, between ITV’s former studios and the National Theatre, has been home to IBM since 1970.
In 1999 IBM signed a £60m-plus sale-and-leaseback deal with Landsec for the 217,000 sq ft building, which was understood to have seen IBM agree to pay a rent of around £20 per sq ft over a 15-year tenure.
Landsec sold the freehold of the three-acre site on to UK & European Land in 2003 for £74.5m.
It is currently owned by the Dubai-based Al Gurg Group, which acquired the property in 2013 from Lord Sugar’s Amsprop for £120m.
Lord Sugar’s property firm paid UK & European Land £115m for the slice of the South Bank in 2006.
A spokesman for IBM said: “As part of our regular business process, IBM continually evaluates its real estate and other requirements in light of client and market needs. We will continue to maintain facilities and staff in London.”
BNP PRE declined to comment.
Main image © Ray Tang/Rex/Shutterstock
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