American technology giant Oracle is under offer and close to exchanging on 70,000 square feet of offices in the City of London, CoStar News can reveal.
The group, founded by Larry Ellison, one of the world's richest men, has chosen One Exchange Square, the City office being developed by LaSalle Investment Management, acting on behalf of Malaysian investor Permodalan Nasional Berhad. The letting will take the 447,000-square-foot development close to fully occupied.
CoStar News had previously revealed that Oracle was favouring a move to the building.
A first prelet to FTI Consulting, which was also revealed by CoStar News, completed in November. In a transaction also revealed by CoStar News earlier this year Gibson, Dunn & Crutcher, a global law firm, agreed to take more than 154,000 square feet on floors eight to 12. Pacific Life Re, the global reinsurance business of Pacific Life, announced at the same time it will occupy 84,000 square feet on floors six and seven.
One minute from Liverpool Street Station, One Exchange Square will have landscaped terraces on each floor and an 8,000 square-foot lounge. The development is targeting a BREEAM Outstanding rating, NABERS 5* and Well Platinum certification. During redevelopment, 90% of the existing structure was retained, supporting an anticipated 50% reduction in embodied carbon versus a typical new build office. The building is 100% electric.
The proposed scheme is redeveloping a 1980s commercial building, which has been vacated by the European Bank for Reconstruction and Development, as a net-zero office-led development. The EBRD confirmed it was moving to a 365,000 square-foot headquarters in Canary Wharf in a deal revealed by CoStar News in 2019.
PNB bought One Exchange Square in 2012. The project was designed by Fletcher Priest Architects, with M3 Consulting acting as development manager and Multiplex Construction Europe serving as the main contractor.
JLL and Cushman & Wakefield act for LaSalle.
Oracle and Larry Ellison have been reshaping their UK real estate portfolios recently via a series of major investments.
At the end of 2024, Ellison agreed to buy a prime London West End office for £162 million from Hong Kong listed investor Chinese Estates.
In a stock market filing on the Hong Kong exchange, Chinese Estates said the buyer of 11-12 St James's Square was ultimately wholly owned by a trust named The Lawrence J Ellison Revocable Trust set up in California. Lawrence J Ellison is the sole beneficiary, trustor and a co-trustee of the trust, with Paul T Marinelli the other co-trustee. The building has been bought for occupation by Ellison entities.
At the end of last year it emerged that Ellison had agreed to invest a further £890 million expanding his technology institute in Oxford.
Earlier this year Oracle launched a search for new offices in Reading in the South East of England in a move expected to unlock the sale of its long-term 24-acre campus in the Berkshire town, in a move revealed by CoStar News.
Market sources said the group has begun to view options for a 40,000 to 60,000-square-foot requirement in and around Reading, about 40 miles west of London.
The software company has significantly scaled back the space it occupies at its campus at Thames Valley Park in recent times. It is now thought to occupy around 80,000 square feet in some of the buildings it owns across 24 acres fronting the M4 motorway, including around 20,000 square feet in 530 Oracle Parkway.