Inmarsat will be leaving its iconic headquarters in Shoreditch to take up new office space in the City.
The British satellite giant has pre-let 121,00 square feet at 50 Finsbury Square, marking an end to its towering presence on Old Street roundabout.
The move is the latest example of downsizing by a major British company amid a shift to new flexible working patterns.
But while the shift will come as a boost to the Square Mile, it will be a further blow to Shoreditch’s tech cluster — also dubbed Silicon Roundabout.
It follows the recent departures of startup incubators Tech Hub and Google Campus from the area.
Inmarsat’s headquarters are currently being refurbished by Great Portland Estates to extend floor space, create a new reception and improve the building’s retail and leisure offering.
Work is expected to be completed in late 2022.
“Inmarsat is committed to its people and to providing them with the best possible environment in which they can deliver for our customers around the world,” said Natasha Dillon, chief people officer at Inmarsat.
“These new facilities will greatly enhance the company’s offering for our people as well as enable our new hybrid working model, where each individual can work from the office or elsewhere as the specific needs of the business and the individual require.”
Cushman and Wakefield acted as real estate advisers to Inmarsat.
The move comes after Inmarsat, which was snapped up by US hedge funds in a controversial $3.4bn deal in 2019, prepares to launch a new network of satellites offering global broadband and 5G services.
The company is planning to pump an initial $100m into the project over the first five years as it looks to take on rivals Elon Musk and Oneweb.