Blackstone has revealed that it has reached an agreement to establish a newly constructed, purpose-built European headquarters located in its long-term London home, Berkeley Square.
Financial details were not disclosed.
The firm said that its decision to fully lease what will be one of London’s premier office buildings reflects its significant commitment to further growth in Europe. Blackstone continues to operate other European offices in Dublin, Frankfurt, Luxembourg, Milan and Paris.
This agreement will see Blackstone occupy a 226,000 ft2, 10 floor building on Berkeley Square on the site currently occupied by Lansdowne House. The new Lansdowne House is being led by London commercial property developer, CO—RE, and Stirling Prize-winning architect, AHMM.
With construction slated to be completed by 2028, planning permission has been secured for the redevelopment, which will set new standards in sustainability and accommodate more than 1,800 seats, as well as 14,000 ft2 of ground-floor retail space and redeveloped public areas surrounding the site at the south end of the square.
Prime minister Liz Truss said: 'Blackstone’s decision to move into new and expanded European headquarters in London is a resounding vote of confidence in the United Kingdom as Europe’s leading financial centre.
'Blackstone backs firms that supports tens of thousands of British jobs and I am confident that our growth plans will ensure we become an even greater country in which to invest and do business.'
Stephen A. Schwarzman, chairman, CEO and co-founder of Blackstone, added: 'It is a source of great pride that Blackstone has been one of the largest foreign investors into the U.K. since we moved to Berkeley Square over 20 years ago.
'I am delighted to announce our plans to stay on the square and occupy the redeveloped Lansdowne House, providing our people with the platform to continue investing in the industries of the future and building great companies across Europe.'
Blackstone has invested more than $27 bn across 88 businesses headquartered across the UK over the past 20 years, supporting more than 40,000 jobs. The firm’s London headcount has doubled over the past three years, now standing at more than 500 people.
In Europe, recent significant investments include Bourne Leisure, Mileway Logistics, Sage Homes and Esdec Solar.
