GSK closes in on new London headquarters

GlaxoSmithKline has homed in on the West End for its new London headquarters, as the biopharma company looks to move from Brentford to a new HQ in the capital. The life sciences company is nearing a deal for all of the office space at The Earnshaw on New Oxford Street, WC1, according to market sources, which measures 140,000 sq ft across nine storeys above ground-floor retail. The company is expected to sign a minimum 15-year lease. Rents at the development, owned by clients of Royal London Asset Management, are said to be in the region of £95 per sq ft depending on the floor. The company, which produces vaccines and speciality medicines, appointed CBRE and JLL to help it find up to 150,000 sq ft of office space earlier this year. In addition to New Oxford Street, its shortlist had included locations in White City and Covent Garden, as previously revealed by EG. As well as grade-A offices, the site will offer 19,500 sq ft of retail and leisure space, plus 6,000 sq ft of private terraces across six of its floors, and the premises will be fully electric. Floor plates range in size from 17,260 sq ft on the first floor to 1,080 sq ft on the 10th floor. Works on the building are due to complete in Q2 2023. Last October, GSK outlined plans to leave its Brentford headquarters before the end of the year, after splitting off its consumer healthcare division. All parties declined to comment. To send feedback, e-mail chante.bohitige@eg.co.uk or tweet @bohitige or @EGPropertyNews See which agents are doing the most deals in the London submarkets with our On-Demand Rankings >> Photos © Royal London Asset Management/Apt