Pharmaceutical giant GSK has pre-let Royal London Asset Management’s (RLAM) 155,000 sq ft flagship office development The Earnshaw, on New Oxford Street, for its new global HQ.
The 12-storey building, which is situated metres away from the new Elizabeth Line station at Tottenham Court Road, was designed by Apt Architects and is currently under construction.
RLAM exchanged on the pre-leasing agreement on behalf of Royal London UK Real Estate Fund (RLUKREF), with GSK due to move into its new HQ in 2024 from its current home in Brentford, west London.
The pharmaceutical company said it selected The Earnshaw, which will house around 3,000 staff, following a ‘comprehensive search’ of potential new HQ sites across London.
The fully electric building, which features a number of ‘green initiatives’, is designed to be rated BREAAM Outstanding and WELL Core Gold. It is also set to be WiredScore Platinum rated.
Emma Walmsley, CEO of GSK, said: “Our new headquarters represents an important next step for GSK. As a global biopharma company, we are proud to call London our home and look forward to the opportunities for even closer collaboration with the city’s world-class science, academic and healthcare institutions. Our new headquarters will provide a fantastic new focal point for GSK people to meet, collaborate and ultimately deliver solutions for the urgent healthcare challenges facing the world.”
Drew Watkins, RLUKREF portfolio fund manager, added: “The pre-leasing of this development to a single occupier on a long-term commitment is an excellent result for Royal London’s UK Real Estate fund and we are pleased to welcome GSK. It represents the culmination of years of work and runs to the heart of the fund strategy where we are developing prime centrally located assets for the long term.”
Keith Miller, RLAM’s head of offices, said: “We are delighted to have been able to work closely with GSK in matching the accommodation needs of their business into the future. We look forward to completing the delivery phase of this ‘best-in-class’ sustainable market leading scheme.”
JLL acted for RLAM and CBRE advised GSK on the deal. GSK announced it was selling its existing global HQ at 980 Great West Road, Brentford, last year and said an update on the sale will be provided at a later date.
