Bloomberg has opened its new £1bn European headquarters, rated the most sustainable commercial building in the world, in the heart of the City of London.
The 1.1m sq ft building at 3 Queen Victoria Street, EC4, will accommodate Bloomberg’s 4,000 London-based employees, who are due to start moving in next week from the firm’s four existing locations. The relocation is due to complete in early December.
“Working together in one place, we think, will help our staff continue leading the way in developing machine learning, artificial intelligence, and applying it to the world of finance,” Michael Bloomberg said.
Designed by architect Foster + Partners, Bloomberg Place occupies 3.2 acres between St Paul’s Cathedral and the Bank of England and comprises 1.1m sq ft of offices and shops across two nine-storey buildings linked by the Bloomberg Arcade.
Bloomberg could have built up to 20 storeys at the site but chose not to build the maximum possible square footage, instead opting to provide new civic space in the City. As far as possible it used British construction workers and British materials, including Devonshire stone for the face to match the neighbouring City of London Magistrates’ Court.
The design includes exterior bronze fins that act like “gills”, allowing filtered air to enter the building, which then ascends the spiral ramp towards the natural light. It is also the first building in the UK to use vacuum toilets on a significant scale, using new Scandinavian technology to reduce the amount of water used in flushing by 80%. New magnetic floor technology allows wooden floor panels to be easily lifted so underground wiring can be adjusted. Each desk includes a button that allows it to be raised or lowered according to the preference of the worker.
Foster today revealed that his team had created a miniature, 13-workstation version of the building in Battersea. These were subjected over a period of time to the “coldest of winters” and the “hottest of summers” to test their endurance.
Workers’ health paramount
Foster said workers’ health and well-being was central to the design of the building, which includes a medical centre and art gallery.
Bloomberg said: “We can’t and shouldn’t expect governments to tackle those challenges by themselves and this building reflects our commitment to a healthier London and a healthier world.”
He added: “It also reflects our company’s commitment to collaboration and teamwork. I’ve always been a big believer in open office environments. Walls just get in the way of communicating and working together, and delivering the world-class service that our customers expect from Bloomberg.”
The development was conceived a decade ago and Foster + Partners was appointed as architect in 2010. Bloomberg said he wouldn’t change his decision to invest in London if he’d known about Brexit then. “I was not in favour of Brexit, I don’t think it’s the right thing for the UK…But London is still going to stay the financial headquarters of Europe, just as New York will stay the financial headquarters of the US.”
However, he said London would be “better off” if it ensured it continued to allow for a diversity of workforce. “I think London will be better off if employers find ways to work it out so that you can have free flow back and forth,” he said. “In this day and age, that’s what you have to have or else you can’t compete.”
Bloomberg said he has no plans to sell the building and hoped to celebrate his 100th birthday there in 25 years’ time.
“We would not sell it,” he said. “I want us to be permanently here for as long as it makes sense. It will last long after I am gone, but it would be nice to be here on my 100th birthday and have a little party. And that’s only 25 years’ from now, so we’ll still have 225 years on our lease.”
Bloomberg Place in numbers
■ 4,000 – the number of employees that will work in the new HQ, including 800 software engineers, a workforce which it intends to expand.
■ 25m litres – the estimated amount of water saved by the building’s vacuum toilets each year. The Scandinavian technology reduces the amount of water used when flushing by 80%. The remaining 20% from basins, shower, rainwater and the roof will be recycled.
■ 2.5m – the number of “petals” on the ceiling, which are interconnected with the water system to allow large areas of cool surface to offset the heat from people and computers in the building.
■ 4.7 watts per sq m – the amount of power used by the 0.5m LED lights in the ceiling, substantially below the 11 watts per sq m BCO guide
■ 16-18 years – the estimated payback period of the water system. Trevor Farnfield, operations director of Sweco, the buildings services and environment adviser for the development, said the company was already having enquiries from other developers wanting to trial the new technology, which would be “considerably cheaper” following Bloomberg’s research investment.
■ £1bn – the estimated development cost of the headquarters
■ 1.1m sq ft – the total office and restaurant space
■ 10 – the number of independent restaurants that will open in the Bloomberg Arcade, including a New York burger joint, which Bloomberg joked would be his preferred restaurant.
■ 15,000 – the number of ancient Roman artefacts uncovered during the excavation, which will be put on display to the public alongside the restored ancient Temple of Mithras.
■ 98.5 – the record BREEAM rating for a commercial building achieved at Bloomberg Place
Bloomberg’s global footprint
The financial news and information company has offices in 72 countries and 192 locations. Its global headquarters is in New York and its European headquarters is in London.
Michael Bloomberg said: “We are certainly not going to get rid of those no matter what happens with London.”
In London it has instructed BNP Paribas and Cushman & Wakefield to sublease its existing EC2 offices, which comprise 100,000 sq ft at Brookfield’s Citygate House; 110,000 sq ft at Great Portland Estates’ 50 Finsbury Square; and 40,000 sq ft at 38 Finsbury Square.
Asked whether he thought we would likely to see more TMT businesses develop themselves, Bloomberg said: “I think most buildings will still have developers. I think most companies wouldn’t and probably couldn’t do development themselves. In our case, because we manage so many facilities around the world we have people internally that can express what our needs are and then work with the architect.”
“An architect who wants to be a billionaire and a billionaire who wants to be an architect”
Bloomberg today described the successful working relationship between himself and architect Norman Foster as that of “an architect who wants to be a billionaire and a billionaire who wants to be an architect.”
The project was conceived during a meeting between the pair at Bloomberg’s favourite New York diner Nectar.
“What I find fascinating is the seamless connection between everything that Mike was alluding to at that meeting – the desire to fit in, to be part of the city – and perhaps the wonderful surprise for me today is that I’ve seen this as a building site just evolving,” Foster said.
Bloomberg said despite “many disagreements” the relationship was a successful collaboration. “Sometimes I convinced him and sometimes he convinced me and I think in retrospect it was a good combination.”
For Foster, it was much easier working directly with the occupier than with a developer. “There’s no comparison,” he said. “Basically you’re engaging with someone who knows what they want, knows their mission, has value and has the strength of a point of view at every twist and turn. And there’s no substitute for that.”
To send feedback, e-mail Louisa.Clarence-Smith@egi.co.uk or tweet @LouisaClarence or @estatesgazette
