London - Apple is leasing about 500 000 square feet (46 450 square metres) of office space at Battersea Power Station on the south bank of London’s River Thames.
The consumer electronics and software giant will move 1 400 employees to the development in 2021, according to a statement on Wednesday from the project’s developer. The lease accounts for about 40 percent of the office space within the development, which is backed by Sime Darby, SP Setia Bhd Group and the Employees Provident Fund.
The power station gained worldwide renown after being used as the iconic cover illustration for the band Pink Floyd’s platinum 1977 album Animals. It was depicted on the cover with a pig floating between two of its four chimneys.
The Apple deal for the power station development is a “sign that London is open to the biggest brands in the world and the leading city for trade and investment”, Mayor Sadiq Khan said in the statement.
Since the financial crisis, companies including Facebook, Apple and Amazon.com have expanded in London while banks have retrenched. Technology and media companies accounted for about 31 million square feet of total office space in London last year - near the 48.5 million square feet held by financial-sector tenants, according to realtor Colliers International Group.
“It’s a great opportunity to have our entire team working and collaborating in one location while supporting the renovation of a neighbourhood rich with history,” Apple said in an email.
Brokers Knight Frank and CBRE Group advised the landlord.
* With assistance from Nate Lanxon
BLOOMBERG