LONDON-Nestle confirmed this morning that will move out if its 24-story United Kingdom headquarters at Nestle Tower in Croydon and will move to a 20-year lease at 1 City Place in the Gatwick neighborhood of Crowley. The Vevey, Switzerland-based confection company said it will relocate its 840-person local office by the end of this year.
In a statement, Nestle officials said they had spent several years to find and negotiate for a new headquarters, first looking for another spot in Croydon. However, it proved too difficult to redevelop the firm’s current offices or find a suitable location, according to the statement.
Legal and General Property has purchased 1 City Place from RREEF for about $60 million, reports say. Nestle will move into space vacated by telecommunications company BT in May 2002. “Our new head office will provide a modern, efficient and attractive workplace for our people, in an ideal location,” said Paul Grimwood, Nestle’s local chairman and CEO. The building is close to Gatwick Airport.
It’s not clear what will happen to Nestle Tower, also known as St. George’s House, built in 1964 by architects Ronald Ward and Partners. Mike Fisher, leader of the Croydon Council, said in a statement this morning that he is deeply disappointed in the departure announcement. “We have done everything we possibly could to avoid this outcome, but ultimately we have to respect the fact that Nestl
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
