The media and advertising group, WPP, is in advanced talks to buy the Financial Times’s headquarters at One Southwark Bridge for £93m.
The office building has been home to the Financial Times since 1989. The Financial Times will vacate One Southwark Bridge next year and return to its previous offices at Bracken House near St Paul’s cathedral.
Last year WWP bought neighbouring building, Rose Court, for £94.5m and then two months later secured a sale and leaseback deal with M&G Real Estate worth £190m.
Mark Read was appointed as Chief Executive of WPP in September. Read had been jointly running WPP on an interim basis, following Sir Martin Sorrell’s abrupt resignation in April.
The buildings current owner, Pearson, sold the Financial Times to Japanese media group Nikkei for £844m, although held hold on to the building. Pearson then decided to put the property up for sale in May but delayed plans to put the property on the market after WPP expressed an interest, according to a source who spoke to Property Week, which first reported the talks.
It is unclear which parts of WPP, which owns a number of advertising, public relations and market research networks, will be moved to the Southward Bridge location. If the deal is agreed, it would be several years before any WPP operations moved into the building.