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December 8, 2010
Bloomberg's new London premises.
Bloomberg, the financial media giant, has come to an agreement with Foster and Partners, architecture firm of millennium bridge designer Norman Foster, to occupy the new development on the Bucklersbury site near the Bank of England. This is the largest deal for City office space since UBS agreed to rent office space in the Broadgate complex this August.
The development is still in the early stages, and so Bloomberg will have to wait until 2015 to occupy the space. What this shows is that Bloomberg is counting on the City as a long term investment. Bloomberg want to secure high end office space now, before the 2012 rush for new office space comes into effect. With all the discussions of a flight from London to greener tax havens, Bloomberg’s move shows that they are counting on the City, and its rental values, to rise. They want to secure 2015 office space at 2010 rents, which means they assume rents will be higher.
The space itself is also a statement of their intentions. The office is near the Bank of England, in the centre of the City of London. This location projects the image of knowledge and success. Companies choose office locations because of what it says about them. Bloomberg wants to say that they are a central source of financial information, so they are setting themselves at the centre of the financial infrastructure.
With Bloomberg taking the early plunge, who will feel the pressure to commit to their office expansion next?