Financial Times in Talks to Lease Former Headquarters in Londonby
The Financial Times is in talks to lease Bracken House, the London building named after its founder, as it seeks to move its headquarters back across the River Thames to the city’s main financial district.
The newspaper, which was based on the same site from the 1950s until the 1980s, was seeking a new office building after it was sold to Japan’s Nikkei Inc. for $1.3 billion last year. Bracken House is owned by Japanese construction contractor Obayashi Corp.
“There is rich history and symbolism in this move. The building is named after the FT’s founder, Lord Brendan Bracken,” the newspaper said in an e-mail. “Distinct pink Hollington sandstone from Staffordshire was used as building material to match the color of the FT’s pages.”
The availability of office space in the City of London district is at the lowest level in 15 years as finance companies compete with technology firms for space, according to broker Knight Frank LLP. Rents for the best properties rose 12 percent last year to 70 pounds a square foot, according to the broker.
Bracken House is about half a mile (0.8 kilometers) from the Financial Times existing office building next to Southwark Bridge. The building will be refurbished before the newspaper moves in, according to the e-mail.