Situated between Vauxhall and Battersea as part of the Nine Elms riverside development, the new office is in close proximity to the publisher’s existing office at 20 Vauxhall Bridge Road in Pimlico which it will continue to occupy. Penguin Random House will occupy 83,400 square feet across floors one to five, and it will have a dedicated reception and event space on the ground floor.
The intention for Penguin Random House is to move all its London employees into one of the two sites at the end of 2019, vacating its Ealing and 80 Strand offices. Both One Embassy Gardens and 20 Vauxhall Bridge Road will be home to a mix of Penguin Random House departments.
Commenting on the announcement, Penguin Random House’s CEO Tom Weldon said: “This move provides an opportunity for all of our teams to work together even more closely as one company. This is about much more than just bricks and mortar. We want to use our new workspace to build a creative culture for the future that will help us to attract and retain the very best talent.
“Many of our 1,200 London colleagues have already shared some great ideas in surveys and workshops. I am looking forward to working with them over the coming months and years to build an exciting creative space where we can all do the best work of our lives.”
John Mulryan, UK managing director, Ballymore commented: “We are very pleased to welcome Penguin Random House to Embassy Gardens. With the forthcoming opening of the new US Embassy and the recent announcement of Apple moving its headquarters to the area, this gives further momentum to this remarkable place of regeneration.
“This building sits prominently at the heart of Embassy Gardens overlooking the River Thames, Linear Park and US Embassy. We believe Penguin Random House is the ideal tenant given its strong brand and reputation. Delivery of this workspace in 2019 will help create a complementary mix of uses along with new homes and retail spaces to create a new part of central London. ”
This is the second major occupier deal that Fladgate has advised on in recent weeks. In December, the firm announced that it had advised Turner Broadcasting System Europe, the UK based operation of Turner, the global entertainment, sports and news subsidiary of Time Warner, on the pre-let of 98,100 square foot in a new development at 160 Old Street, EC1, which it will occupy from 2019. The building is owned by The Great Ropemaker Partnership, a 50:50 joint venture between Great Portland Estates plc and Ropemaker Properties, the property nominee of the BP Pension Fund.
The Fladgate team advising Penguin Random House was led by real estate partner Mark Saunders, assisted by construction partner Alan Erwin and planning associate Miles Crawford.