Bloomberg LP, parent of Bloomberg News, reached an agreement to have an office building constructed in the City of London financial district that will be the company’s European headquarters.
The property will be built on a site close to the Bank of England that’s owned by U.K. insurer Legal & General Group Plc, New York-based Bloomberg said in a Business Wire statement today. Two buildings will be constructed, with one larger than 500,000 square feet (46,500 square meters) and the other “speculative,” according to the statement.
The project will be the biggest commercial development announced in the City since August, when UBS AG agreed to have an office property added to the Broadgate complex. The office building will be designed with Foster + Partners, founded by British architect Norman Foster.
“Bloomberg’s London headquarters has always been an integral part of the company,” said Peter Grauer, chairman of Bloomberg LP. “This new project underscores our commitment to London and to expanding our presence in this world-class financial capital.”
Bloomberg, which currently has almost 300,000 terminal subscribers, said construction should begin in 2012 and be completed in 2015. The company didn’t say how much it will pay for the building.