Goldman Sachs Enters Agreement for the Sale and Leaseback of Plumtree Court
LONDON, AUGUST 22, 2018 — The Goldman Sachs Group Inc. today announced it has entered into a binding agreement for the sale and leaseback of Plumtree Court with Korea’s National Pension Service (“NPS”). Plumtree Court will be the new European headquarters of Goldman Sachs in London from mid-2019 when it is expected to take occupancy of the premises.
As part of the agreement, Goldman Sachs will enter into a 25 year lease on the building with a break option after 20 years, and the ability for Goldman Sachs to extend the lease beyond the initial term. This transaction, which values Plumtree Court at £1,165 million, allows for the consolidation of the firm’s activities, currently located across three buildings, into one fully-serviced and sustainable location.
Richard Gnodde, Vice-Chairman of Goldman Sachs and CEO of Goldman Sachs International, said: “The development of Plumtree Court and our signing of a long-term lease demonstrates our continued commitment to London and our European operations more broadly.
“We are delighted to have built a world class office for our people, enabling them to collaborate and serve clients in an efficient and attractive space. We are proud to have designed a building to meet the BREEAM Excellent rating for its environmental performance, prioritised local small businesses in the supply chain and encouraged the involvement of apprentices in construction, reflecting the firm’s broader commitment to sustainability and supporting the communities we work in.
“NPS is a leading global investor with a long-term horizon and we look forward to a continued strong relationship.”
Scott Kim, the Head of Global Real Estate at National Pension Service said: “This is one of the finest office buildings in London, which will be let to an exceptional tenant for 25 years. We are excited to re-enter into the London market with this high quality asset which is well-aligned with our defensive strategy and will be an excellent addition to our already strong core portfolio.”
The sale and leaseback of Plumtree Court is part of Goldman Sachs’ long-term global real estate strategy, enabling the firm to capitalise on the significant value it has created in developing a world-class building while securing a long-term occupation in a prime location. It follows the sale and leaseback of Goldman Sachs’ current headquarters on Fleet Street, Peterborough Court, in 2005.
About Plumtree Court:
- Located in the City of London, Plumtree Court is a 10-storey, 826,000 net square feet office building, that can accommodate up to 8,000 seats, and has the flexibility to be multi-tenanted
- The building was designed by an international team of architecture and design firms, including lead architect Kohn Pedersen Fox Associates (who was also responsible for the design of Goldman Sachs’ Peterborough Court office on Fleet Street)
- Key features of the building include:
- Eight workplace floors
Two floors of amenities including:
- Auditorium and Client Conference Centre
- Internal Conferencing
- Fitness Centre
- On-site Health Services and Childcare
- A large central atrium
- The building is designed to achieve a BREEAM rating of Excellent (BREEAM is an established method of assessing, rating and certifying the sustainability of buildings)
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About National Pension Service
The National Pension Service (“NPS”) is a public pension fund in South Korea. It is the third largest in the world with US$580 billion in assets and is the largest investor in South Korea. The NPS is established to secure the retirement benefits of Korean citizens with income security available to all employees, employers and the self-employed. It has also broadened its operational scope to include retirement planning and welfare services for the disabled, in addition to its basic services, such as contributors’ pension history management, contribution-imposing, and benefits payment.
Goldman Sachs Media Contacts:
Sebastian Howell / Joseph Stein
+44 207 774 4080