Construction Begins at Blackstone’s New European Headquarters, Expanding London Footprint
Reaffirms Blackstone’s long-term commitment to the UK
Premier office building will align to the highest sustainability credentials
Construction will support ~5,000 jobs, including creating new local jobs and apprenticeships
London, UK – February 15, 2024 – Blackstone (NYSE: BX), the world’s largest alternative asset manager, today celebrated the commencement of construction on its 226,000 sq ft, European headquarters located on the site of the former Lansdowne House in its long-term London home, Berkeley Square.
Attending the formal groundbreaking ceremony was Prime Minister, Rishi Sunak, the US Ambassador to the UK, Jane Hartley and Blackstone Chairman, CEO and Co-Founder Stephen A. Schwarzman.
Blackstone will occupy the premier 226,000 sq ft 10-floor building, which is nearly two thirds larger than its existing office on the square. The development is being led by London commercial property developer, CO—RE, and Stirling Prize-winning architect, AHMM and will support ~5,000 jobs.
The new headquarters reaffirm Blackstone’s long-term commitment to the UK and Europe. The firm doubled headcount in London over the past three years to more than 600 people working across private equity, real estate and private credit amongst its many teams.
Blackstone is one of the UK’s largest investors, having deployed more than £70 billion across over 100 businesses and investments in the past 20 years, supporting over 35,000 jobs across affordable housing, tourism, financial services, life sciences, logistics and more. Investments include Bourne Leisure, Merlin Entertainments, Sage Homes, Autolus Therapeutics and Mileway.
Construction is slated to be completed in 2028. The expanded headquarters will include approximately 14,000 sq ft of ground-floor retail space and redeveloped public areas surrounding the site at the south end of the square.
Today, the Prime Minister Rishi Sunak, US Ambassador Hartley and Mr Schwarzman were joined by the award-winning architects and an engineering apprentice to hear about the innovative sustainable construction method which will ensure the building can be adapted and repurposed for decades to come.
The building is aspiring to BREEAM Outstanding, WELL Platinum, NABERS 5 Star Rating and EPC A sustainability criteria, and will incorporate recycled steel from the original building. It will also feature a biodiverse outdoor terrace and balconies on every floor. Once in operation, it will harness renewable energy through ground-source heat pumps and solar panels.
Stephen A. Schwarzman, Chairman, CEO and Co-Founder of Blackstone, said: “This is a great day for Blackstone. We’re proud to be one of the largest foreign investors in the U.K. and I am delighted to celebrate our next phase of growth after more than 20 years at Berkeley Square. Our expanded headquarters at the redeveloped Lansdowne House will be an important part of our story as we continue to build great companies across Europe.”
Prime Minister, Rishi Sunak, said: “Blackstone’s new European headquarters is a vote of confidence in the British economy – proof that our plan is working. We’ve already halved inflation, debt is forecast to fall, and – with the help of Britain’s proud financial sector– we’re on course to grow the economy.”
Bradley Baker, chief executive of CO—RE, said: “Blackstone are providing a huge boost to the London and West End economy through their major investment in Mayfair. At their new headquarters they will enjoy a building that raises the standard of future office design and gives a new sense of place to the historic Berkeley Square. The sustainability credentials and features of the building, including its flexible core to enable future redesign and generous provision of green terraces, will give Blackstone a place to call home for years to come.”
About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.
About CO—RE
CO—RE are central London development experts who form world-class teams to deliver world-class buildings. CO—RE works with property investors to make the most of their existing assets and discover new opportunities. We bring unparalleled experience and vision to the process, maximising the development opportunity at every stage for every client. Over the past 20 years, CO—RE has advised on over 12.5 million sq ft with an investment value of over £10bn. Recent projects include Lansdowne House, 72 Upper Ground, 20 Ropemaker Place, One Fen Court, LSQ London and Bureau at 90 Fetter Lane. www.co-re.co.uk
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Notes to Editor
The announcement that Blackstone reached an agreement to establish a newly constructed, purpose-built European headquarters located on Berkeley Square is available here.