Blackstone will build its new European headquarters in London at its Mayfair base, in a fresh post-Brexit boost for the capital.
The world’s largest alternative asset manager will occupy the redeveloped Lansdowne House – which will be refurbished into a 226,000 square foot, ten-floor building on Berkeley Square.
The decision to fully lease one of London’s premier office buildings reflects it commitment to further growth in the UK.
It also highlights the company’s own rapid growth rate, as its London headcount has doubled over the past three years, now standing at more than 500 people.
Blackstone will also continue to operate other European offices in Dublin, Frankfurt, Luxembourg, Milan and Paris.
The asset manager has been a major investor in Europe for more than two decades with substantial investments across its private equity, real estate, infrastructure, tactical opportunities, growth, and credit businesses.
Recent significant European investments include Bourne Leisure, Mileway Logistics, Sage Homes and Esdec Solar.
In the UK, the firm has invested more than $27bn across 88 businesses headquartered domestically over the past 20 years, supporting more than 40,000 jobs.
With construction slated to be completed by 2028, planning permission on the new building has been secured for the redevelopment.
Prime Minister Liz Truss MP, said: “Blackstone’s decision to move into new and expanded European headquarters in London is a resounding vote of confidence in the United Kingdom as Europe’s leading financial centre.
“Blackstone backs firms that supports tens of thousands of British jobs and I am confident that our growth plans will ensure we become an even greater country in which to invest and do business.”
Stephen A. Schwarzman, chairman, chief executive and co-founder of Blackstone, said: “I am delighted to announce our plans to stay on the square and occupy the redeveloped Lansdowne House, providing our people with the platform to continue investing in the industries of the future and building great companies across Europe.”
Last week, Schwarzman established his own personal commitment to the UK – snapping up a Wiltshire country pad for £80m, as exclusively revealed by City A.M.