The South Colonnade: Reuters’ new headquarters
Reuters is moving most of its London staff from 85 Fleet Street, right, to Canary Wharf in London’s Docklands in 2005 – the last of the press leviathans to leave the Street, writes Jean Morgan.
While the deal will be tinged with sadness by those who remember the area’s glory days, it will release £32.3m from the headquarters and adjoining building and reduce property costs by about £5m per year.
The move follows a property review initiated under the Fast Forward programme. Subject to contract, Reuters has agreed terms with the Canary Wharf Group for the building at 30 The South Colonnade.
Reuters will move in the spring of 2005 and, with the exception of two existing London technical centres and a small City office, all London staff will be based there.
The City office will be maintained to hold some staff, with “hotdesk” facilities for those that need to be in the City.
It will bring together Reuters’ London staff, currently housed in 10 properties across the capital. The group says this will save time and money by cutting down on travelling time between sites and duplication of facilities.
Reuters said the move would provide “an improved working environment that enables better teamwork, communication and information sharing”. Reuters chief executive officer Tom Glocer said: “The proposed site at Canary Wharf represents an exciting move for Reuters, with our London staff all being housed under one roof for the first time.”