Expedia is scaling back the design of its new Seattle headquarters but it isn't a contradiction for it to look for new digs in London as the company seeks to jumpstart expansion in Europe. The company is being prudent, not reckless.
Expedia Inc. is negotiating to lease a new London headquarters in the King’s Cross district as the online travel agency seeks to grow its business in the U.K., according to two people familiar with the plans.
Broker Colliers International Inc. is advising the company in talks for as much as 400,000 square feet (37,000 square meters) of office space in the 67-acre King’s Cross Central development, said the people, asking not to be identified because the plans are private.
“As a fast growing business, we always endeavor to keep informed with London’s commercial property market,” Expedia’s external spokesman, Dan Thompson, said in an e-mail, declining to comment on the talks. Officials at Colliers and Argent LLP, the company developing the site on behalf of co-owners AustralianSuper Pty Ltd. and Hermes Fund Managers Ltd., declined to comment.
About 42 percent of the office space under construction in central London has been leased, more than a third of which is being taken by technology, media and telecoms companies, according to May report by Deloitte LLP.
The talks come after Expedia scaled back designs for its new campus on Seattle’s waterfront to save costs on space it doesn’t yet need.
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Photo Credit: Expedia is searching for a new headquarters in this section section of London. Pictured is Goods Yard & Granary Square, Kings Cross Central on May 27, 2013. Matt Kieffer / flickr.com
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