Goldman Sachs’ New London Office To Open Just In Time For You-Know-What

Did Llloyd's real estate broker not disclose the whole "Hard Brexit" thing?
Basher Eyre [CC BY-SA 2.0], via Wikimedia Commons

Basher Eyre [CC BY-SA 2.0], via Wikimedia Commons

Speed bumps notwithstanding, British Prime Minister Theresa May is still poised to make good on her plans to trigger Article 50 of the Lisbon Treaty next month, formally beginning the U.K.’s divorce proceedings from the European Union. Article 50 doesn’t go into great specificity about how those negotiations are supposed to go, probably because it’s drafters never expected it to be employed, but it does set a strict two-year deadline to complete the process, which means that, come March 2019, Brexit will be a reality. As it happens, that’s right around the time that Goldman Sachs will be moving its capacious and currently spread-out London operations into its new European headquarters on Farringdon Street. Of course, there is some question of just how capacious an operation Richard Gnodde will be running come B-day. Luckily, wily old Lloyd Blankfein & co. tapped their hotline to the Big Guy and gave themselves the necessary outs.

Goldman also has flexibility to adjust the number of floors it takes in the new building, according to a source familiar with the situation, so it is not committed to occupying the entire office. That option was put in place prior to the Brexit vote.

Goldman’s new London office set for occupancy in 2019 [Reuters]