Stripe is close to signing for approximately 130,000 square feet (12,077 square meters) at Blackstone's Broadgate Quarter, located at the boundary of the City of London, according to people familiar with the talks. A July report from Cushman & Wakefield notes that outline terms were agreed earlier this year. Representatives for Stripe and Blackstone declined to comment.
That footprint matches a growing local workforce; filings for Stripe's UK unit show the average headcount was 340 last year, compared with 288 the year before.
"London's prime office market benefits from strong occupier demand and a limited supply of high-quality space," said James Seppala, Blackstone's head of European real estate. "Tenants are increasingly focused on the best-located, highest-quality buildings, creating a compelling backdrop for prime assets." Developers have been cautious after a string of shocks and rapidly rising costs, leaving the City of London short on offices; Savills data show an 11% increase in space rented in the 12 months to the end of September.
Stripe's London plans mirror its growth in Dublin.
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For landlords and REIT watchers, a fast growing tenant targeting prime, well located buildings underscores where demand is concentrating. For fintech exposure, Stripe is scaling in two European hubs while supply tightens in the City of London. The bottom line: limited high quality space plus active expansion tends to support valuations for prime assets.
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