PayPal set for transfer to new South Bank office

Global fintech firm PayPal is nearing a deal for a new London office close to Waterloo station. It is understood to be under offer for the fifth floor of developer Stanhope’s 76 Southbank, SE1, a brutalist block originally built for tech company IBM in the early 1980s. PayPal’s lease would total around 40,000 sq ft of office space and just over 7,000 sq ft of terrace space overlooking the Thames, for which market sources said the company would pay a rent of around £95 per sq ft. The company has, jointly with parent company eBay, occupied nearly 31,000 sq ft in Whittaker House, TW9, in Richmond since 2007, according to Radius data. See also: Historic England lists the South Bank’s IBM Building  PayPal’s third quarter results showed the company’s revenues increased by 6% to $7.8bn (£6.2bn), as the company’s chief executive Alex Chriss said he was “pleased with the strength we are seeing across the business”. Agents CBRE and JLL are representing Stanhope on the deal. See lettings information in London SE1 >> Image © 76SouthBank