GAM Holding Said to Pick New London Base After Brexit U-TurnBy
GAM Holding AG is in talks to lease a new U.K. headquarters in the City of London more than a year after the Swiss asset manager cancelled an agreement to switch offices in the capital because of Brexit, three people with knowledge of the plan said.
GAM plans to rent more than 40,000 square feet (3,700 square meters) of space at 8 Finsbury Circus, a new building developed by Mitsubishi Estate Co. and Stanhope Plc, the people said, asking not to be identified because the information is private. That’s slightly less than the 50,000 square feet office GAM had agreed to rent in the more expensive Victoria district before the U.K.’s 2016 vote to leave the European Union, they said.
Spokesmen for GAM, Mitsubishi Estate and Stanhope declined to comment.
Demand for London office space has rebounded after the shock of the Brexit vote prompted some businesses to take longer to negotiate deals. Companies including Deutsche Bank AG, Apple Inc. and Wells Fargo & Co. announced plans for large new London headquarters in the year following the U.K.’s decision to leave the world’s largest trading bloc.
GAM’s new offices will accommodate staff that are currently based in three London buildings in the pricey St James’s district. Other tenants include wealth and investment manager Rathbone Brothers Plc. The building is close to the Crossrail line that will provide high speed trains to the West End district when it’s constructed in December 2018.
Companies leased 5.5 million square feet of office space in central London in the first half of the year, 23 percent more than a year earlier, according to data compiled by broker Savills Plc.