FT presses ahead with HQ search
The Financial Times’ owner has appointed a team of advisers to work on plans for a new London headquarters for the newspaper.
Nikkei, which agreed an £844m deal to buy the iconic news brand from Pearson in July, has instructed CBRE to help it source a new home for FT staff.
CBRE takes over from DTZ, which has now rebranded as Cushman & Wakefield, on the instruction, with the latter retained as an adviser by Pearson.
[caption id="attachment_794472" align="alignright" width="200" class=" "] 1 Southwark Bridge Road, SE1[/caption]
The Financial Times’ owner has appointed a team of advisers to work on plans for a new London headquarters for the newspaper.
Nikkei, which agreed an £844m deal to buy the iconic news brand from Pearson in July, has instructed CBRE to help it source a new home for FT staff.
CBRE takes over from DTZ, which has now rebranded as Cushman & Wakefield, on the instruction, with the latter retained as an adviser by Pearson.
The Financial Times is currently based in 1 Southwark Bridge, SE1, but Pearson has retained ownership of the building as part of the sale of the company, which is expected to complete later this year.
Pearson had been considering moving the Financial Times to new offices in Southwark to make way for a residential conversion of 1 Southwark Bridge, which occupies a prime site on the South Bank.
In 2012 it launched a 150,000 sq ft to 200,000 sq ft requirement that led to negotiations with Transport for London over its Landmark Court site, which includes the Crossbones graveyard.
Nikkei is thought to have agreed a relatively short-term leaseback on 1 Southwark Bridge of less than five years to allow it time to find a new headquarters.
The exact nature of the requirement is yet to be determined; however, the volume of space needed is unlikely to have changed radically from its 2012 search.
Once the Financial Times has vacated its current headquarters, Pearson will be free to undertake a potential conversion or redevelopment of the block should it choose not to pursue an outright sale.
Given the prominent location of the building, it is likely to attract significant interest from investors and developers keen to tap into the strong demand for both office and residential accommodation in the area.
jack.sidders@estatesgazette.com
