A US digital marketing group with clients including Microsoft, Nike, Google and Apple is bringing most of the agencies it owns in London under one roof with a deal at Oxford Properties and Temasek’s Blue Fin Building, SE1.
Stagwell is set to move from its office at 100 Leman Street, E1, to the newly renovated 500,000 sq ft building at 110 Southwark Street, where it has taken 40,085 sq ft. It will occupy the fourth floor of the BREEAM Good-rated building on a 10-year lease.
In the company’s third-quarter earnings call, chairman and chief executive Mark Penn said bringing together “really quite scattered” assets in its regional business was an important step in its international expansion. He highlighted double-digit growth in Asia after bringing its agencies together in a Singapore headquarters and said the group would mirror that approach in the UK.
Penn added that consolidating the company’s real estate portfolio in London and New York was leading to more than $2.5m (£2m) of annual cost savings.
Stagwell-owned agencies with operations in the UK include Code and Theory, Assembly, Good Stuff Communications and Bruce Mau Design. The company has not indicated which agencies will be based in the Blue Fin Building.
Oxford Properties told EG: “We look forward to welcoming the Stagwell Group into the Blue Fin Building in the coming months. The Stagwell deal concludes a strong year of leasing at the asset, with more than 100,000 sq ft of leasing completed.”
Other occupiers in the Blue Fin Building include HSBC and flexible office brand Fora, which struck a deal to open 43,300 sq ft of flexible workspace at the site in February.
Oxford and Temasek bought the building from Time Inc for £415m in 2015.
Stagwell declined to comment.
Stagwell was advised by JLL, while Cushman & Wakefield was the letting agent for Oxford Properties.
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