Penguin Random House, the world’s leading trade book publisher, has entered into a sale and leaseback arrangement with French real estate fund management company, Sofidy for its office at 20 Vauxhall Bridge Road, SW1. The book publisher has been in the 63,229 sq ft building for over 30 years and will continue to operate from the site for at least another 11 years, according to the new lease agreement.
20 Vauxhall Bridge Road is one of two offices Penguin Random House has in London, with the second being in Embassy Gardens across the river, with its staff divided across the two sites.
The building is arranged over lower ground, ground and eight upper floors. It is located prominently fronting Vauxhall Bridge Road within very close proximity to Pimlico Underground Station and within easy reach of Victoria Mainline Station.
The building was originally constructed in the 1930s and has recently completed a £4 million refurbishment, which includes works to both the office floors and common parts.
Penguin Random House was advised by BNP Paribas Real Estate and Fladgate, Sofidy was advised by DLS Advisors, CBRE and Gibson Dunn & Crutcher UK LLP.
Simon Glenn, Head of London Markets, BNP Paribas Real Estate said: “Given some current uncertainties in the market, the deal is a continued vote of confidence in London. The pandemic has certainly accelerated pre-existing trends of agile working, but organisations are increasingly seeing the value the office has in maintaining the company culture and bringing people together. This occupier confidence in real estate has reinforced investor appetite, particularly for well let office buildings.”