City of London Office Of Goldman Sachs Sold to Korea

The new City of London European headquarters of Goldman Sachs has been sold to the National Pension Service of South Korea in a deal that was worth £1.7 billion.

The US banking giant will move into the 826,000 square foot Plumtree Court office in the City financial district. Its employees will move into the building in the middle of next year. The bank will enter into a lease on the building that has a period of 25 years in Plumtree Court. The said deal has a break option after 20 years.  The building is located between Chancery Lane and St Paul’s station.

The sale is the most recent sign of strong demand for property assets that are located in the city.

The CEO of Goldman Sachs International who also serves as the Vice-Chairman of Goldman Sachs, stated: “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.”

He added: “We are delighted to have built a world class office for our people, enabling them to collaborate and serve clients in an efficient and attractive space.

He continued: “We are proud to have designed a building to meet the BREEAM Excellent rating for its environmental performance, prioritised local small businesses in the supply chain and encouraged the involvement of apprentices in construction, reflecting the firm’s broader commitment to sustainability and supporting the communities we work in.

The Goldman Sachs executive concluded: “NPS is a leading global investor with a long-term horizon and we look forward to a continued strong relationship.”

The City of London building was created by an international team of architecture and design companies. IT included Kohn Pedersen Fox Associates, as its lead architect.

The acquisition is the most recent sign of the appetite of overseas investors for buildings that are located in central London ahead of the departure of the United Kingdom from the European Union, despite concers regarding the future of the city as the financial centre of Europe.