GSK formulates shortlist for new London HQ

GlaxoSmithKline has narrowed down its options for London headquarters, as the biopharma giant sets out to leave its UK HQ in Brentford for a new base in the capital. The life sciences company, which produces vaccines and speciality medicines, has appointed CBRE to help it find up to 150,000 sq ft of office space. EG understands that GSK is looking for offices in and around White City, while offices in Covent Garden and New Oxford Street are also up for consideration. One of the primary locations of interest is 90 Long Acre, WC2, according to market sources. Northwood Investors has hired Arup to co-ordinate the renovation of the 1970s building, which is expected to be completed in 2023. The 240,000 sq ft building will offer grade-A space with updated office areas, more floorspace and better building performance. It will also include shops at ground level. Also in the running is Stanhope’s White City Place, W12, home to ITV and the former BBC Television Centre. Stanhope owns the site alongside Mitsui Fudosan and AIMCo. GSK would be the next in a run of six life sciences occupiers to move to White City Place over the past two years, which together occupy more than 110,000 sq ft in the development. Planning permission has been granted for a further three office buildings on the site. The project has already refurbished and repositioned three existing buildings as modern workspaces. The company is also looking at the Earnshaw on New Oxford Street, WC1. The 140,000 sq ft Royal London Asset Management development will offer 19,500 sq ft of retail and leisure space, plus 6,000 sq ft of private terraces across six floors and will be fully electric. Works are set to complete in Q2 2023. Rents at White City Place are expected to be £65 per sq ft, while rents at 90 Long Acre are in the region of £85. The company is expected to sign a lease of at least 15 years. The move would see GSK join a line of biopharma companies, including AstraZeneca UK, that are setting up shop in London. AstraZeneca UK relocated its staff from Luton to a new 37,000 sq ft headquarters in King’s Cross, NW1, in February. In a bid to move operations to the capital, the global pharmaceuticals company added 22,000 sq ft into its location in 2 Pancras Square, where it has occupied 15,000 sq ft since 2019. The news comes after GSK recorded £6.9bn in sales, up 19% from the previous quarter, in its 2022 Q2 report last month. GSK said last October that it would seek to leave its Brentford HQ this 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 Image from Platform https://90longacre.co.uk/