The Economist sells London office to US firm | News | Tishman Speyer
The Economist sells London office to US firmThe Telegraph February 12, 2016
The three-building complex in St James's has housed the editorial staff of The Economist "newspaper" since 1964. The company will lease back its space in the building for a further 18 months, after which it will move to a new office, having begun a search for a more modern building last year. Its current headquarters, known as The Economist Plaza, has been sold to Tishman Speyer, which also owns the Sainsbury’s headquarters near Chancery Lane tube station and an office building in Paddington called The Point.
Rob Speyer, president and chief executive of Tishman Speyer, said: "We have a very positive view of the London commercial real estate market and we are continuing to look for office properties there that will serve the needs of world-class corporations."
Education giant Pearson sold its stake in The Economist Group to Italian investor Exor for £469m in August last year.
The deal meant Exor increased its stake in the group from 4.7pc to 43.4pc, becoming the largest single shareholder. The Economist Group then put the complex on the market in October 2015 to part-fund a share buyback from Pearson.
The weekly publication continues to perform well: figures released yesterday by auditor ABC showed circulation of The Economist UK edition was up 5pc year on year to 235,350. This was helped by an average digital edition circulation of 73,567, up 47pc year on year.Read the full article