Paypal to open major office in London landmark
Electronic payments giant Paypal has signed up to become the first occupier of a redeveloped office building on London’s Southbank.
Paypal has agreed a lease for 40,000 sqft on the top floor of the building, a newly revamped Grade II-listed structure next to the National Theatre.
Overall, the building will provide another 300,000 sqft of office space along with outdoor terraces and “employee-friendly digital features” like touchless entry.
“Practical completion of 76 Southbank and the arrival of PayPal will breathe new life into this brutalist icon,” Kevin Darvishi, head of leasing at development manager Stanhope said.
“Built for the future, 76 Southbank is accessed from a spectacular triple height reception and provides large floor plates that all benefit from unrivalled views of the Thames, in a thriving part of central London.
“An occupier of PayPal’s calibre underlines market demand for low-carbon and amenity-rich workspaces.”
Paypal deal marks ‘significant milestone’
The redevelopment and extension of 76 Southbank was delivered with Stanhope as development manager, LaSalle Investment Management as asset manager and was overseen by Multiplex as the main contractor.
Around 80 per cent of the building, which was the last project of renowned brutalist architect Sir Denys Lasdun, was preserved in the AHMM-led redesign.
The project “embraced a circular economy approach”, its developers said, prioritising off-site fabrication to minimise on-site waste and incorporating reused steel in its construction.
“The completion of 76 Southbank marks a significant milestone,” Chris Lewis of LaSalle Investment Management said.
“Its strong location, best-in-class amenities and historical significance position it as a standout commercial property in central London,” Lewis added.
Office buildings in London have become increasingly sustainable and employee-friendly as employers try to entice staff back to the office and landlords battle with tighter environmental standards for buildings.
Nearby 72 Upper Ground, nicknamed ‘The Slab’ will soon be transformed into offices, retail units and an arts and culture space by Mitsubishi, opening in 2028.