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The media industry titan Bloomberg is planning to build a pair of new office buildings in the City of London, including a new headquarters for its European operations.
Thousands of Bloomberg employees are already working out of office space in Finsbury Square in central London but hundreds of thousands of square feet are now set to be developed on its behalf in the heart of the financial district.
An acquisition deal on a 3.2 acre site at Walbrook Square has been agreed between the media giant and Legal and General, with Bloomberg aiming to develop two new buildings, operating out of one and renting out the other.
The “speculative” building would seem to bode well for office space markets and the overall economy in central London, while Bloomberg is convinced its new offices will help it continue the expansion of its European business over the course of the next few years.
Bloomberg has enlisted the expertise of one of the world’s leading architects in Norman Foster of Foster and Partners, he said: “The project is an opportunity to create a bespoke, sustainable new headquarters building for Bloomberg, while at the same time creating an opportunity to improve the public realm in the very heart of the City of London.”
“The history of London is the story of change, and each age makes its own mark – our approach respects the history of the site and the challenge of adding to the City’s rich heritage and unique character.”
Peter Grauer, chairman of Bloomberg, said the plans reflect the commitment his company has towards London, which he described as a “world-class financial capital”.
Planning approvals are yet to be granted but construction on the ambitious development scheme is expected to start in 2012 and to be completed at some point in 2015.
Mr Foster’s most famous architectural achievement to date is the enormous St. Mary Axe office space building in central London, better known as ‘the Gherkin’.