Susquehanna International Group, the US-based trading firm, has significantly expanded its London footprint by more than tripling its office space in the City. The company has leased an additional 24,000 square feet at 70 Gracechurch Street, bringing its total occupancy to 34,000 square feet across three floors. This move underscores the firm's commitment to the London market and its ongoing growth in the region.
Strategic Expansion in the City
The new lease agreement, which was negotiated by real estate advisory firm JLL, represents a major boost for the City of London's office market. Susquehanna originally occupied around 10,000 square feet at the same address. The expansion allows the firm to consolidate its London operations and accommodate a growing workforce. The building, located in the heart of the insurance district, offers modern amenities and prime location advantages.
Growth and Hiring Plans
Susquehanna's expansion comes as the firm continues to hire aggressively in London. The company, known for its quantitative trading strategies and options market-making, has been increasing its presence in Europe. The additional space will support new hires in trading, technology, and support functions. The firm's global headcount has grown substantially over the past few years, and London remains a key hub for its international operations.
According to market sources, Susquehanna's decision to expand in London reflects confidence in the city's status as a global financial center despite Brexit uncertainties. The firm joins other US trading firms that have expanded their London offices, including Citadel Securities and DRW Holdings. The trend highlights the enduring appeal of London for financial services firms seeking access to European markets and talent.
Details of the Lease
The lease at 70 Gracechurch Street runs for a term of 10 years, with an option to break after five years. The building, which is owned by a joint venture between AXA Investment Managers and a private investor, has undergone recent refurbishments. The office space features open-plan layouts, meeting rooms, and a roof terrace. The deal was completed in the second quarter of 2023, with Susquehanna taking possession of the additional space immediately.
Real estate advisors noted that the transaction is one of the larger office deals in the City this year, signaling a recovery in demand for prime office space. The vacancy rate in the City has been declining as firms commit to long-term leases. Susquehanna's expansion is a vote of confidence in the physical office, even as hybrid working models become more common.
Impact on the Local Market
The expansion is expected to have a positive impact on the local economy, with increased footfall benefiting nearby businesses. Susquehanna's presence also reinforces the area's reputation as a hub for financial technology and trading firms. The City of London Corporation welcomed the news, highlighting the importance of attracting and retaining global businesses.
In summary, Susquehanna International Group's tripling of its London office space at 70 Gracechurch Street demonstrates its long-term commitment to the City. The move supports the firm's growth strategy and contributes to the revitalization of London's office market post-pandemic.
