By Olivia Oran
Feb 27 Goldman Sachs Group Inc is
building a 1.1 million square foot office in London with initial
occupancy slated for 2019, it said in a regulatory filing on
Monday, even as global banks grapple with risks around Brexit.
When completed, the new London building would be about half
the size of Goldman's executive offices in downtown New York at
200 West Street.
The bank currently has around 1.2 million square feet of
office space in London in various properties, including its
current European headquarters at Peterborough Court.
Goldman also has flexibility to adjust the number of floors
it takes in the new building, according to a source familiar
with the situation, so it is not committed to occupying the
entire office. That option was put in place prior to the Brexit
Goldman is continuing to expand in London even as global
banks have begun signaling how they will put plans into action
to cope with a "hard" exit by Britain from the European Union.
Since the Brexit vote, U.S. banks have talked with
governments and regulators in several major European cities like
Dublin, Frankfurt and Paris to look at where to base certain
Goldman said on Monday that Brexit could "materially
adversely affect" how it operates businesses in Europe and could
require it to restructure some of its operations.
The bank was considering moving some assets and operations
to Frankfurt, sources told Reuters in October.
(Reporting by Olivia Oran in New York; Editing by Chizu
Nomiyama and Meredith Mazzilli)