The newspaper leaves behind its riverfront offices on 1 Southwark Bridge Road, an address that we have now acquired for the advertising agency WPP plc, funded by M&G Investments.
Having already engineered a partnership between WPP and M&G on a 1960s office block just across the street (Rose Court at number 2 Southwark Bridge Road), it was clear to us that, when Pearson began quietly marketing the FT building, it would make the perfect location for WPP to amass sufficient space for its new headquarters.
Both buildings were agreed with M&G acquiring the asset with WPP taking a simultaneous lease.
Stripping out works are already underway at Rose Court, while a planning study has commenced on 1 Southwark Bridge Road with a full planning application expected within the next 12 months.
When all works are finally complete, the two buildings are anticipated to deliver a total office accommodation of around 400,000ft2, with WPP taking occupation sometime in 2022.
WPP plc is a British multinational advertising and public relations company and the world leader in communications services. The group employs over 130,000 people in 112 countries and its Clients include 369 of the Fortune Global 500, all 30 of the Dow Jones 30 and 71 of the NASDAQ 100.
M&G has a British heritage going back to 1900 and including the launch of Europe’s first ever mutual fund in 1931. Acquired by Prudential in 1999, M&G today invests for over 7 million people in the UK through various avenues in including ISA, pension funds and property. 1 Southwark Bridge is destined to be held in M&G Long Income funds.