Goldman Sachs confirms sale of European headquarters for £1.17bn

By mcpherrin mcpherrin

The US-based investment banking company, Goldman Sachs, has confirmed that it has sold its European headquarters to South Korea’s National Pension Service for £1.17bn ($1.5bn), Reuters reports.

The London-based headquarters, which is still currently under construction, will be leased to the Wall Street investment bank for an initial term of 25 years.

In a statement, Richard Gnodde, vice chairman of Goldman Sachs and CEO of Goldman Sachs International, said: “The development of Plumtree Court and our signing of a long-term lease demonstrates our continued commitment to London and our European operations more broadly.”

See more:

Goldman Sachs revealed its plans to start work on the building, named Plumtree Court, in February 2017 and is set to be 1.1mn square foot (102,000 square metres) when completed.

It was confirmed by the bank that the sale and leaseback of Plumtree Court, similar to its current headquarters in another London venture in 2005, is part of its long-term real estate plan.

The vision of this plan is to take advantage of the value created through the development while searching for a long-term occupation of the site.

Scott Kim, head of global real estate at South Korea’s National Pension Service, said: “We are excited to re-enter into the London market with this high-quality asset.”


Featured Articles

Top 20 essential leadership resources for Black executives

To celebrate Black History Month, here are 20 resources for Black leaders – from business books to leadership coaches to business school exec programs

Broadridge study reveals huge impact of AI on C-suite

Broadridge Financial Solutions spoke to 500 C-suite executives from across the globe, many of whom said AI was significantly changing the way they work

PwC's Kathryn Kaminsky – the role of boards on social issues

As Vice Chair Trust Solutions Co-Leader at PwC, Kathryn Kaminsky says boards play an important role in helping businesses take action on social issues

Why your business needs a Chief Transformation Officer

Leadership & Strategy

12 top AI and ML trends for the enterprise in 2023 – Dataiku

Technology & AI

From NYC to Hong Kong, the rise of the private members' club

Leadership & Strategy