Chinese Estates to revamp London office tower

Business | 12 Oct 2018 6:26 pm

Joseph Lau Luen-hung’s Chinese Estates (0127) has invited companies to pitch to redevelop Goldman Sachs Group Inc.’s London headquarters after the bank vacates the building next year, Bloomberg reported.

The company is seeking proposals for River Court, the largest of the interlinking offices that make up Goldman’s main U.K. base, people with knowledge of the plan said. A handful of developers have presented ideas for the building in the City of London financial district, including extensions and refurbishment work, they said.

Goldman’s move to a new European headquarters next year will leave a swath of vacant office buildings around London’s Fleet Street, historically the home of Britain’s newspaper industry. The bank will move into a glass and steel building at nearby Plumtree Court, with room for about 8,000 workers.

Any project to modernize the entire space currently occupied by the U.S. investment bank would be among the largest office developments in London. Demand for office space in the U.K. capital has held up better than many expected since the Brexit vote, with technology companies continuing to lease major buildings despite the economic and political uncertainty.

Chinese Estates could not immediately comment. Representatives of brokers Cushman & Wakefield Plc and Savills Plc, which are advising on the project, declined to comment.

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