Layout 1 (Page 1) - Peterborough Court

PETERBOROUGH COURT & DANIEL HOUSE 

133-140 FLEET STREET LONDON EC4 

GOLDMAN SACHS’ EUROPEAN HEADQUARTERS 

5

Peterborough Court is accessed via a triple height entrance foyer

INVESTMENT 

SUMMARY 

European Headquarters of Goldman Sachs 

Landmark City of London office complex 

Core London Midtown location 

Freehold tenure 

Virtual island site comprising approximately 0.569 hectares 

(1.41 acres) 

370,526 sq ft (34,423.2 sq m) of institutionally specified 

office accommodation 

Fully let to Goldman Sachs International until 20 June 2026 

(14.75 years to lease expiry) 

Unexpired term certain of approximately 10 years 

(tenant’s option to determine lease on 29 September 2021) 

Lease guaranteed by The Goldman Sachs Group, Inc. 

Rent reserved of £17,769,793 per annum exclusive 

Low overall passing rent of only £47.70 per sq ft 

Excellent rental growth potential 

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LONDON 

A GLOBAL 

GATEWAY CITY 

LONDON IS THE GATEWAY TO THE EUROPEAN UNION’S 

27 MEMBER STATES, THE BIGGEST SINGLE MARKET IN THE 

WORLD, WITH A POPULATION OF NEARLY 500 MILLION.

LONDON IS HOME TO FOUR WORLD 

HERITAGE SITES AND OVER 100 THEATRES

LONDON ENJOYS THE HIGHEST 

AVERAGE DISPOSABLE HOUSEHOLD 

INCOME IN EUROPE 

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THE CITY 

OF LONDON 

THE CITY IS THE WORLD’S LEADING INTERNATIONAL, FINANCIAL AND BUSINESS CENTRE AND HAS BEEN 

RANKED NO.1 IN THE ZEN GLOBAL FINANCIAL CENTRES INDEX. KEY ATTRIBUTES INCLUDE: - 

Key Facts – Overall 

The size of the London economy is estimated 

at $367bn 

London has attracted three times more European 

HQs than any other city in Europe 

One third of the world’s largest companies have 

headquarters in London & two thirds of Fortune 

Global 500 companies 

Financial, professional and business service 

companies in London employ over 1 million people 

Stock Exchange 

A record £82.5bn was raised on the London Stock 

Exchange during the course of 2009, an increase of 

16% from 2008, itself a record year 

More than 1,000 UK companies are quoted on the 

Alternative Investment Market (AIM) 

International Banking 

London is the largest investment banking centre 

in Europe with around a 50% share of European 

activity conducted in London 

They were 249 branches and subsidiaries of foreign 

banks in London in March 2009, more than any 

other centre worldwide 

Insurance 

London is the world’s leading market for insurance 

having been an insurance centre for more than three 

centuries 

London has the world’s main skill centre for world 

reinsurance 

The UK is a global market leader in marine 

insurance with a 17% market share in 2008 

Foreign Exchange 

The London Foreign Exchange Market is the largest 

in the world with a daily turnover of c. $1.8 trillion 

in April 2010 – 37% of the global market (more 

than New York and Tokyo combined) 

Securities Market 

The London Stock Exchange is the most 

international of all stock exchanges worldwide 

London is one of the world’s leading locations for 

raising capital with a fifth of global further issues 

in the first 9 months of 2009 

London is Europe’s largest centre for commodities 

trading and accounts for 15% of the total global 

share 

Fund Management 

London is Europe’s leading centre for hedge funds. 

At the end of 2009, 80% of European-based hedge 

funds’ assets were managed out of London 

London is the biggest market in the world for 

derivatives traded over the counter with four 

derivatives exchanges:- 

- Euronext.LIFFE 

- London Metal Exchange 

- International Petroleum Exchange 

- EDX London – created to bring cash, equity 

and derivative markets together 

Sources: The City of London & Think London

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IN THE HEART 

OF LONDON 

LONDON OCCUPIES OVER 620 SQUARE MILES, 

THE BIGGEST CITY IN EUROPE, AND HAS A RESIDENT 

POPULATION OF OVER 7.5 MILLION

CITY 

THAMESLINK 

PWC 

DELOITTE 

AXA 

DENTON 

WILDE SAPTE 

DELOITTE 

BOA MERRILL 

LYNCH 

DELOITTE 

OLD BAILEY 

ACCENTURE 

LONDON STOCK 

EXCHANGE 

CHARLES 

RUSSELL 

ST PAUL’S 

BANCO 

SANTANDER 

RIVER COURT - 

GOLDMAN SACHS 

BANK OF 

ENGLAND 

ST PAUL’S 

CATHEDRAL 

UK 

GOVERNMENT 

CANARY WHARF 

BECHTEL 

FULBRIGHT & 

JAWORSKI 

BAKER 

MCKENZIE 

PWC 

UK 

GOVERNMENT 

FRESHFIELDS 

BNY 

MELLON 

KPMG 

19 

BLACKFRIARS 

KPMG

20 



SITUATION 

Peterborough Court and Daniel House are located 

within the City of London on the north side of Fleet 

Street approximately 150 metres from its junction with 

Fleet Street, Farringdon Street, New Bridge Street and 

Ludgate Circus. 

Peterborough Court and Daniel House occupy a virtual 

island site bounded by Fleet Street to the south, Shoe 

Lane to the east and Wine Office Court to the north 

and west. 

Main pedestrian access for Peterborough Court is 

available from Wine Office Court, Shoe Lane and via a 

covered walkway through 133 Fleet Street. Vehicular 

access is confined to Shoe Lane except for a taxi drop 

off facility in the courtyard behind Daniel House 

accessed from Fleet Street. Servicing is undertaken via 

Shoe Lane. 

Pedestrian and vehicular access for Daniel House is via 

its Fleet Street frontage. 

Banks / Finance 

1 Prudential 

2 Egg 

3 Barclays 

4 Allied Irish Bank 

5 Goldman Sachs 

6 JP Morgan 

7 The Bank of New York Mellon 

8 Banco Santander 

9 Scottish Widows 

10 Mitsui 

11 Brewin Dolphin 

Legal 

1 Nabarro 

2 Mishcon de Reya 

3 Olswang 

4 Towers Perrin 

5 Farrer & Co 

6 BCL Burton Copeland 

7 Law Society 

8 Macfarlanes 

9 Beachcroft 

10 Wragge & Co. 

11 Taylor Wessing 

12 Lovells 

13 Sullivan & Cromwell 

14 Trowers Smith 

15 Speechly Bircham 

Professional / Government / Educational / Other 

1 Media Force 

2 Royal Mail 

3 Met Police 

4 Warner Bros 

5 MediaCom 

6 Cable & Wireless 

7 Competition Commission 

8 Estates Gazette 

9 Chadwick International 

10 Civil Aviation Authority 

11 Mitsubishi 

12 EDF 

13 Davis Langdon 

14 PwC 

15 Aegis 

16 Secretary of State 

17 Royal College of Surgeons 

18 Department for Work and Pensions 

19 Tishman Speyer 

20 Cap Gemini 

21 Gaz de France 

22 BT 

23 BAT 

24 Deloitte 

12 AXA Investment Managers 

13 BoA Merrill Lynch 

14 Nomura 

15 Investec 

16 London Stock Exchange 

17 Ashmore Group 

18 Eurohypo 

19 Coutts & Co. 

20 Cinven 

21 Babson Capital 

16 Davies Arnold Cooper 

17 Freshfields Bruckhaus Deringer 

18 Jones Day 

19 Dechert 

20 Baker McKenzie 

21 Mayer Brown 

22 Stephenson Harwood 

23 Charles Russell 

24 Denton Wilde Sapte 

25 Withers 

26 Gibson Dunn & Crutcher 

27 Bell Pottinger Group 

28 Rollingsons 

29 Bird & Bird 

30 Weil Gotshal & Manges 

25 J. Sainsbury 

26 Grey Advertising 

27 PKF International 

28 De Beers 

29 Moore Stephens 

30 Accenture 

31 Office of Fair Trading 

32 Thomson Reuters 

33 KPMG 

34 Unilever 

35 Department for Constitutional Affairs 

36 Chancery Court Hotel 

37 Land Registry 

38 The Home Office 

39 TMP Worldwide 

40 WSP UK 

41 Lexis Nexis 

42 The Berkeley Partnership 

43 Weber Shandwick 

44 Her Majesty’s Court Service 

45 Dixon Wilson 

46 London School of Economics 

47 Kings College London 

48 University College London Library

A THIRD OF THE WORLD’S LARGEST COMPANIES 

ARE HEADQUARTERED IN LONDON 

Not to scale. Indicative only. 

Royal Courts 

of Justice 

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PETERBOROUGH COURT 

& DANIEL HOUSE

Peterborough Court - a monument to finance, sits proud on the London skyline 

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TRANSPORT AND 

COMMUNICATIONS 

Rail / Underground 

London boasts one of the world’s largest over-ground / underground rail networks and is the hub for the UK’s 

domestic transport networks. Peterborough Court and Daniel House benefit from excellent transportation links 

with both the West End and City being easily accessible. 

City Thameslink – Situated approximately 200 metres 

east of the property, providing mainline rail services to 

Kings Cross, Gatwick Airport and the commuter areas 

of Surrey, Kent and Sussex. 

Blackfriars – Situated approximately 300 metres south 

of the property, providing access to the District and 

Circle line underground services and City Thameslink 

mainline rail services. 

Chancery Lane – Situated approximately 400 metres 

north-west of the property, providing access to the 

Central line underground service. 

St Paul’s – Situated approximately 550 metres east 

of the property, providing underground services via 

the Central line. 

Farringdon – Situated approximately 550 metres 

north of the property providing access to the Circle, 

Metropolitan and Hammersmith & City underground 

lines and City Thameslink mainline rail services. 

Temple – Situated approximately 550 metres southwest 

of the property providing access to the Circle 

and District line underground services. 

Eurostar 

Fast rail services are available from King’s Cross 

St Pancras to the European Continent. 

Crossrail 

The property is situated close to the proposed Crossrail 

station at Farringdon, due to open in 2018. Crossrail, 

the Government’s flagship east-west rail link, will be a 

new sub-ground railway across central London linking 

Maidenhead in the west to Abbey Wood in the east. 

Crossrail will connect to Heathrow Airport giving 

the City a direct rail connection to Europe’s leading 

international airport in approximately 30 minutes 

and provide City to West End access in approximately 

10 minutes. 

The new service will increase capacity to 200 million 

passengers a year including a 54% increase in rail 

capacity to Canary Wharf and 21% more to the City. 

At the heart of the project is the construction of a 

new tunnelled route across central London with new 

stations at Paddington, Bond Street, Tottenham Court 

Road, Farringdon, Liverpool Street, Whitechapel, 

Canary Wharf and Woolwich.

HEATHROW AIRPORT HANDLES 67 MILLION 

ANNUAL PASSENGERS – THE LARGEST NUMBER 

OF INTERNATIONAL FLIGHTS IN THE WORLD 

TEMPLE 

CHANCERY 

LANE 

BLACKFRIARS 

FARRINGDON 

CITY 

THAMESLINK 

CITY 

THAMESLINK 

ST PAUL’S 

Air 

There are over 500 direct flights to destinations 

worldwide from London’s five international airports. 

Peterborough Court and Daniel House have excellent 

links to Heathrow (Europe’s largest air hub), Gatwick, 

Stansted and Luton airports. The approximate journey 

times (by public transport) are: 

Stansted 65 minutes 

Luton 55 minutes 

Heathrow 50 minutes 

Gatwick 35 minutes 

City Airport 20 minutes 

Bus 

Fleet Street is also one of the main east-to-west arterial 

routes through Central London providing access to the 

City, West End and Southbank. The property is served 

by numerous Bus routes. 

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MIDTOWN 

Midtown is a unique Central London location sat 

between the defined core West End and City markets. 

It has traditionally been dominated by the legal and 

accountancy professions, as well as being an important 

location for Government offices. 

Midtown hosts the Royal Courts of Justice (Civil 

Court), the Old Bailey (Criminal Court) and its four 

adjacent Inns of Court (Lincoln’s Inn, Inner Temple, 

Middle Temple and Gray’s Inn). Midtown is therefore 

at the heart of the UK’s legal/advocacy system. 

In addition to this, the area plays host to a diverse and 

eclectic mix of major investment banking firms, large 

corporates, educational establishments, retail, hotel and 

leisure occupiers. It is the competition between 

residential, mixed-use and corporate uses that creates 

vibrant diversity. 

Midtown has developed significantly over the last 

decade with institutional investors investing heavily 

in existing and newly built development stock. Previous 

and future successes are listed opposite. 

LONDON ATTRACTS MORE 

INWARD INVESTMENT THAN 

ANY EUROPEAN COUNTRY 

1 

4 

2 5 

7 

8 

9

6 

1 | New Street Square Land Securities’ landmark 

development at New Street Square comprises 685,000 

sq ft (63,638 sq m) of office accommodation and 

22,000 sq ft (2,043 sq m) of retail accommodation. 

The scheme was completed in 2007 and has redefined 

Midtown as a destination in its own right achieving 

rents as high as £70.00 per sq ft. The Estate has 

attracted numerous retailers and the offices are 

anchored by accountancy giant Deloitte. 

2 | 110 Fetter Lane 110 Fetter Lane is a new development 

by Delancey / Invista providing 269,187 sq ft (25,008 sq m) 

of retail and offices over eight storeys. The property was 

completed in July 2010 and was pre-let to Her Majesty’s 

Court Services (HMCS) and US lawyers Weil Gotshal & 

Manges LLP. The top rents achieved were in the region 

of £57.50 per sq ft. 

3 | Smithfield Market Henderson are working up plans 

for the part demolition and redevelopment / refurbishment 

of this historic site to provide c. 350,000 sq ft 

(32,515 sq m) of office, retail/market and leisure uses. 

4 | 40 Holborn Viaduct 40 Holborn Viaduct was 

developed by Castlemore Securities and designed by 

7 

2 

1 

Rolfe Judd. The property was completed in 2008 and 

is arranged over lower ground, ground and six upper 

floors. The property was multi-let to Cap Gemini, 

Gaz de France, Irwin Mitchell and Brewin Dolphin. The 

top rents achieved were in the region of £52.50 per sq ft. 

5 | 60 Ludgate Hill and 30 Old Bailey Land Securities, 

have recently revised their plans to create two separate 

buildings totalling 301,000 sq ft (28,000 sq m). The 

earliest start on site is planned for August 2011 with 

delivery of the completed buildings in early 2014. 

6 | Sheffield Street The London School of Economics 

(LSE) has been granted planning permission to demolish 

the existing St Philip’s building on Sheffield Street. The 

new scheme incorporates a new LSE Students’ Centre 

and student accommodation comprising seven storeys, 

two basement levels which include a café, pub and 

careers library. 

7 | Arundel Great Court Arundel Great Court is a 

3.3 acre island site bounded by Strand, Arundel Street, 

Surrey Street and Temple Place. Land Securities has 

gained consent for a 1.0m sq ft (93,450 sq m) 

development including 100+ residential units, 

4 

10 

3 

8 

5 

9 

a new 5-star hotel, offices, retail and restaurant 

accommodation. Completion is not anticipated 

before 2015. 

8 | 60 Holborn Viaduct 60 Holborn Viaduct comprises 

a cleared site and was recently purchased by AXA from 

Favermead. There is planning permission for a mixed 

used development comprising 200,000 sq ft (18,580 sq m) 

of offices and 15,000 sq ft (1,394 sq m) of retail over 

nine storeys. AXA and Favermead are expected to 

commence work on this KPF designed development 

in early 2011. 

9 | Blackfriars Station Work at Blackfriars Station is 

part of the Thameslink Programme, a £5.5bn scheme to 

improve journeys running north-south through London 

through more trains, longer platforms and a better link 

between the railway and the Underground. More than 

1,500 people will work to improve the station and track 

around it. The work will be complete by spring 2012. 

10 | Fleet Buildings Goldman Sachs has a further 

ownership, behind River Court and Peterborough 

Court, which safeguards their expansion. Fleet Buildings 

comprises a site which could host up to 500,000 sq ft 

(46,451 sq m), based on conservative assumptions. 

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133-140 FLEET STREET LONDON EC4

MIDTOWN HOSTS THE 

ROYAL COURTS OF 

JUSTICE, AT THE HEART 

OF THE UK’S LEGAL/ 

ADVOCACY SYSTEM 

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FLEET STREET 

HISTORY & ENTERPRISE 

Fleet Street traces its current name back to the early 

13th Century. 

Fleet Street began as a trading route between the 

commercial City of London and the political hub 

at Westminster. 

Publishing started in Fleet Street around 1500 when 

William Caxton’s apprentice, Wynkyn de Worde, set 

up a printing shop. 

More printers and publishers followed, mainly 

supplying the legal trade in the four Law Inns 

around the area. 

C. Hoare & Co, England’s oldest privately owned 

bank, has operated at its place of business on Fleet 

Street since 1690. 

In March 1702, London’s first daily newspaper, 

The Daily Courant, was published in Fleet Street. 

By the 20th Century, Fleet Street had become home 

to the largest Broadsheet and Tabloid titles 

including The Daily Telegraph, The Daily Express, 

The Mirror and The Sun. 

Fleet Street continues to be used as a metonymy for 

the British national press. 

3 

1 2 4 

1 The view looking West along Fleet Street 

(Peterborough Court is on the right). 

2 The Daily Telegraph Building, Fleet Street, 

London early 1930s. 

3 Press room of the offices of the Daily 

Telegraph, Fleet Street, London, 28 June 1882. 

4 The view along Fleet Street towards St Paul’s 

Cathedral from opposite Peterborough Court.

Fleet Street today - 

vibrancy epitomised 

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HEADQUARTERS 

ACCOMMODATION

34 



DESCRIPTION 

The Peterborough Court complex was designed by 

Kohn Pedersen Fox (KPF) on the site of the former 

headquarters of the Daily Telegraph. The development 

was undertaken by Goldman Sachs and entailed a 

comprehensive refurbishment and partial rebuilding of 

Daniel House and the construction of Peterborough 

Court. The scheme provides a total of approximately 

370,526 sq ft (34,423.2 sq m) of lettable 

accommodation linked by a private courtyard. 

The development was completed in 1991 and 

comprises approximately 318,439 sq ft (29,584.0 sq m) 

of offices, 4,996 sq ft (464.2 sq m) of retail, 47,091 sq 

ft (4,375.0 sq m) of storage/ancillary and 30 car 

parking spaces.

THE BUILDING IS SERVED FROM ONE 

CENTRAL LIFT CORE APPROACHED FROM 

AN ENTRANCE HALL BY ESCALATOR 

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Peterborough Court is arranged over lower ground 

(x3), ground and 11 upper floors. 

The building comprises approximately 328,117 sq ft 

(30,483.1 sq m) of accommodation and is served from 

one central lift core approached from an entrance hall 

by escalator. The lower ground levels are used as back 

offices and storage in addition to a 30 space car park 

and loading bay accessed from Shoe Lane. The ground 

to third floors have been specifically designed for 

financial trading purposes. The office floors are 

regularly configured and offer flexibility to both 

open plan and cellular occupiers. The office floors 

have excellent natural light and impressive views 

over Central London. At levels 1, 2 and 3 there is a 

glazed high level link to the adjoining River Court, 

which Goldman Sachs also occupy and provides 

approximately 400,000 sq ft (37,000 sq m) of 

high class offices developed in 2000. 

A glazed gallery at ground level links the entrances 

from Fleet Street, Shoe Lane and Wine Office Court 

West. An open internal courtyard with vehicular access 

and egress from Fleet Street serves as a client drop off 

area and gives access to Daniel House. There is a stone 

paved yard for pedestrian and vehicular access around 

which the entrance gallery is arranged. There are two 

self-contained retail units located on Shoe Lane. These 

units are arranged over ground and mezzanine floors 

and they are incorporated within the demise of the 

occupational lease and comprise approximately 

4,462 sq ft (414.6 sq m).

40 




ACCOMMODATION 

Peterborough Court has been measured by Plowman Craven and comprises the following approximate floor areas:- 

FLOOR USE SQ M SQ FT 

Eleventh Ancillary 174.5 1,878 

Tenth Offices 1,233.3 13,275 

Ninth Offices 1,937.1 20,851 

Eighth Offices 1,941.1 20,894 

Seventh Offices 1,939.4 20,876 

Sixth Offices 1,994.9 21,473 

Fifth Offices 2,476.6 26,658 

Fourth Offices 3,090.1 33,262 

Third Offices 3,155.9 33,970 

Second Offices 3,160.5 34,019 

First Offices 3,177.5 34,202 

Mezzanine Retail 237.1 2,552 

Ground Offices 1,865.0 20,075 

Ground Retail 177.5 1,910 

Basement 1 Ancillary 925.3 9,960 

Basement 2 Ancillary 2,054.7 22,116 

Basement 3 Ancillary 942.6 10,146 

Total 30,483.1 328,117 

Plus 30 covered car parking spaces


GROUND FLOOR 

Office 

Retail 

Reception 


FLEET STREET 

SHOE LANE 

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FIRST FLOOR 


THIRD FLOOR 

Office 


FLEET STREET 

FLEET STREET 

SHOE LANE 

SHOE LANE


FIFTH FLOOR 


EIGHTH FLOOR 

Office 


FLEET STREET 

FLEET STREET 

SHOE LANE 

SHOE LANE 

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SPECIFICATION 

Goldman Sachs are currently undertaking a 

comprehensive internal refurbishment of Peterborough 

Court. This involves stripping back the existing 

accommodation to shell and core and then refitting to 

an enhanced Cat A specification. The project is being 

undertaken on a rolling floor-by-floor basis and it is 

likely these works will be completed by mid 2012. 

As part of this exercise, Goldman Sachs will be 

replacing the air-conditioning, WCs and creating new 

tea points/break out areas. New glazing panels will 

also be inserted between Levels 6-10 on the southern 

elevation, further increasing light penetration into the 

building. 

The base-build specifications for Peterborough Court 

includes: 

External Envelope 

The ground floor storey is clad in hand set granite 

providing a base up to the first floor and incorporating 

double-glazed stainless steel framed windows, 

aluminium grilles and architectural metalwork. From 

the first floor upwards cladding is a high quality curtain 

walling system using a pre-finished and pre-glazed rain 

screen panel system. The structure and cladding allows 

for offices to be divided generally on a module of 1.5 m. 

At ground level and above, a minimum slab to slab of 

4,140 mm varying up to 5,330 mm is provided. 

Floor Loadings 

The floor slabs are designed to accommodate the 

following loads:- 

Typical office floors: 4 kN/m2 + 1 kN/m2 extra 

for partitions 

Loading dock: 12 kN/m2 

Parking area: 3 kN/m2 

Internal Finishes 

The internal specification includes the following: 

Fully accessible, suspended white powder coated 

perforated pressed metal tiles with sound absorbent 

mineral wool padding. The suspension grid is 

suitable for partitioning on a 1.5 m x 1.5 m module. 

Standard light fittings are incorporated into the 

suspended ceilings. The fittings comprise low 

brightness louvres providing 500 lux lighting level 

at the desk top. There are incandescent light fittings 

in the main entrance and lobbies providing 200 lux. 

Fully accessible raised metal floors in all office areas 

with an average void of 150 mm (inclusive of floor 

tile) on typical office floors and 300 mm deep 

(inclusive of floor tile) on Levels 1, 2, 3 and 6. 

Electrical services provided at 11.0 Kv, 3 Phase, 

50 hertz from multiple feeders entering the building 

at Shoe Lane. 

Finished floor to ceiling height of 2.6 m (8 ft 6 in) 

for typical office space, increasing to 3.05 m (10 ft) 

for floors 1, 2 and 3 and 2.9 m (9 ft 6 in) on the 

6th floor. 

Automatic sprinkler system. 

Building Management System (BMS). 

Emergency generator.

Air Conditioning 

Fully air conditioned via a HVAC system. The 

typical office floors are served by on floor packaged 

air handling units, distributed one per floor. 

Lifts 

Passenger Lift Specification 

The central core has a bank of eight passenger lifts 

serving all floors above ground, providing an average 

waiting interval service of less than 25.00 seconds. 

Capacity: 1,800 kg 

Speed: 2.50m/sec 

Levels served: Passenger lifts 2 – 7 serve the 

ground to tenth floors. Passenger 

lifts 1 – 8 serve basement two, 

basement one and the ground to 

tenth floors. 

Goods Lift Specification 

Capacity: 2,500 kg 


Levels served: Basement three, basement two, 

basement one and levels one to 

ten. 

Fire Fighting Lifts Specification 

Capacity: 630 kg 


Levels served: All levels 

Disabled Lift 



Levels served: Lower ground and ground 

Escalators 

An up and down escalator has been provided in 

the main entrance foyer serving the lower ground 

and ground floor levels. 

Reception 

There is a screen wall between the entrance gallery 

connecting with three principal entrance points and 

the office accommodation. The lower level of this is 

predominantly profiled in granite and hardwood panels 

and above is a dry wall construction with glazed 

openings from offices on first and second floor levels 

overlooking the gallery. 

The gallery comprises granite and wood veneered 

walls up to first floor and decorative acid etched glass 

panels set in aluminium frames. The floor is formed 

of Terrazzo (2 colours). 

The Fleet Street and Shoe Lane entrance and Wine 

Office Court West entrance are also finished to a high 

standard and includes granite clad walls with metal 

trim and Terrazzo (2 colours) floors including base 

and skirting mouldings. 

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DANIEL HOUSE 

Daniel House comprises a self contained office building 

of approximately 42,409 sq ft (3,940.1 sq m) fronting 

Fleet Street. It is arranged over lower ground, ground, 

mezzanine and seven upper floors. 

The building is Grade II Listed and retains listed 

features on the fifth floor. These include attractive 

timber panelled offices and the famous Daily Telegraph 

Editors ‘putting green.’ At ground floor level there are 

two vehicle routes and pedestrian access through from 

Fleet Street into Peterborough Court and a small retail 

unit, which has been sublet by Goldman Sachs to Jeeves 

of Belgravia. 

Town Planning 

The Corporation of London granted consent for the 

development of Peterborough Court and Daniel House 

on 24 May 1988. 

Daniel House is Grade II Listed. Both properties are 

located within the Fleet Street Conservation Area.

50 



DANIEL HOUSE 

ACCOMMODATION 

Daniel House has been measured by Plowman Craven 

and comprises the following approximate floor areas:- 

FLOOR USE SQ M SQ FT 

Seventh Offices 165.4 1,780 

Sixth Offices 337.7 3,635 

Fifth Offices 314.0 3,379 

Fourth Offices 530.7 5,712 

Third Offices 555.0 5,975 

Second Offices 558.9 6,016 

First Offices 555.1 5,975 

Mezzanine Offices 439.0 4,725 

Ground Office 156.8 1,688 

Ground Reception 73.4 790 

Ground Lift Lobby 26.7 287 

Ground Retail 26.0 280 

Mezzanine Retail 23.6 254 

Basement Storage 177.8 1,914 

Total 3,940.1 42,409 

DANIEL HOUSE 

GROUND FLOOR 

Office 

Reception 


FLEET STREET

DANIEL HOUSE 

FIRST FLOOR 

DANIEL HOUSE 

THIRD FLOOR 

Office 


FLEET STREET 

FLEET STREET 

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DANIEL HOUSE 

SPECIFICATION 

The base-build specifications for Daniel House 

includes: 

External Envelope 

The retained walls fronting Fleet Street are formed of 

Portland Stone externally with brickwork internally. 

The north face of Daniel House is rendered concrete. 

The two vehicle routes into Peterborough Court are 

clad with granite lining to the walls and floor. All 

windows in retained facades with the exception of 

the fifth floor windows to Daniel House, are high 

performance double glazed primary windows with 

either bronze anodised aluminium window frames 

or aluminium sash. 

Floor Loadings 

The floor slabs are designed to accommodate the 

following loads: 

Office areas: 4kN/m2 + 1kN/m2 

extra for partitions 

Roof level plant areas: 7.5kN/m2 

Basement: 10.0kN/m2 

Internal Finishes 

The internal specification includes the following: 

Fully accessible, perforated metal tiled suspended 

ceilings (with the exception of the fifth floor) 

arranged on a 1.5 m planning grid. 

Integrated and recessed fluorescent light fittings 

within the suspended ceiling with low brightness 

reflectors providing 500 lux at desktop level. 

Finished floor to ceiling height of 2.6 m (with the 

exception of the fifth floor and mezzanine). 

Fully accessible raised metal floors with an average 

void of 100 mm with the exception of the basement, 

ground, mezzanine, fifth and seventh floors. 

Male and female toilets on each floor with 

additional disabled facilities. The finishes to the 

toilets are high with square vitrified mosaic tiles, 

suspended mineral fibre suspended ceilings and 

polished granite counter and fascia. 

Emergency 160 KW/200KVA generator. 

Air Conditioning 

Fully air conditioned through a 4 pipe fan coil air 

conditioning system. Fan coil units on Levels 1-4 

inclusive and Levels 6 and 7 are mounted within the 

void of the suspended ceiling. Ground, mezzanine and 

the listed areas of the fifth floor are served by floor 

mounted fan coil units. 

Lifts 

Passenger Lift Specification 

There are three passenger lifts. 



Levels served: Two lifts serve the basement to 

sixth floor levels. One lift serves 

the ground to sixth floor levels. 

Goods Lift Specification 



Levels served: Basement to ground floor level. 

Fire Fighting Lift 



Levels served: Ground floor to sixth floor level 

Reception 

The offices are accessed via a double storey entrance 

fronting Fleet Street and are finished with a 

polished/honed granite floor and skirting in three 

colours. The ceilings are wood coffered panels with 

purpose-made lighting and at mezzanine level there are 

mirror panels and vision glass units set in bronze frames.

Background shot - the legendary 

Daily Telegraph Editor’s “putting green”

54 



GOLDMAN SACHS 

PROGRESS IS 

EVERYONE’S BUSINESS

56 



TENANT’S CAMPUS 

The Peterborough Court estate was designed and built 

specifically for Goldman Sachs. Goldman Sachs occupy 

over 1.0 million sq ft (92,900 sq m) within the City of 

London and regard Peterborough Court and Daniel 

House as their European Headquarters. 

The lease within River Court, 133 Fleet Street (the 

adjoining property) is co-terminus with the lease over 

Daniel House and Peterborough Court. There are 

bridges at levels 1, 2 and 3 which provide walkways 

into Peterborough Court. Goldman Sachs also own 

additional land holdings directly to the north of the 

Peterborough Court complex. Working on largely 

conservative assumptions this site could be redeveloped 

to create c. 500,000 sq ft (46,451 sq m) of additional 

business accommodation.

TENURE 

The property is held freehold. 

The land approximately shown edged red, is held 

freehold, although the land up to AOD 19m of the area 

shaded blue and up to AOD 31m shown shaded green 

above Ye Olde Cheshire Cheese is excluded. Please refer 

to the Land Registry title documents for further details. 

Site Area 

The property comprises a site area of approximately 

0.569 hectares (1.41 acres). 

This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M 

Stationary Office. Crown copyright reserved. For indicative purposes only – not to scale. 

57

58 



TENANCY 

Peterborough Court and Daniel House are single 

let on full repairing and insuring terms to Goldman 

Sachs International for an original lease term expiring 

24 March 2016 and further reversionary lease expiring 

20 June 2026 (14.75 years unexpired). The leases are 

guaranteed by The Goldman Sachs Group, Inc. 

There is a tenant’s option to determine the reversionary 

lease on 29 September 2021 (subject to 12 months 

notice) and the current total unexpired term certain is 

c. 10 years. 

The passing rent of £17,769,793 per annum reflects 

approximately £47.70 per sq ft subject to upward only 

rent reviews on 25 March 2011, 2016 and 2021. 

A full summary of the occupational lease is attached 

under Appendix I.

60 



TENANT’S COVENANT 

The Goldman Sachs Group, Inc. 

The Goldman Sachs Group, Inc. is a leading, global investment banking, securities 

and investment management firm providing a wide range of financial services to a 

substantial and diversified client base including corporations, financial institutions, 

governments and high-net-worth individuals. 

The Goldman Sachs Group owns Goldman Sachs Execution & Clearing, one of the 

largest market makers on the NYSE and a leading market maker for fixed income 

products, currencies, and commodities. Through affiliates GS Capital Partners, GS 

Mezzanine Partners, and others, Goldman Sachs is also one of the largest private 

equity investors in the world. 

The company’s primary activities are divided into three segments: 

Investment Banking 

Trading and Principal Investments. 

Asset Management and Securities Services. 

In the first half of 2010 Goldman Sachs reclaimed the top spot for mergers and 

acquisitions and worked on five of the year’s 10 largest deals, nearly $190 billion 

of transactions retaking the M&A crown from Morgan Stanley, a title Goldman’s 

had held since 1996. 

Founded in 1869, the firm is headquartered in New York with principal operations 

in London, Frankfurt, Tokyo, Hong Kong and other major financial centres around 

the world. Goldman Sachs Group currently employs 36,200 staff with 5,500 based 

in the UK. 

The Goldman Sachs Group is listed on the New York Stock Exchange and trades 

under the ticker symbol “GS”. The current market capitalisation of The Goldman 

Sachs Group is $86.9bn (January 2011) and has reported the following financial 

accounts: 

2009 2009 2008 2007 

% change 

on 2008 

($m) ($m) ($m) 

Net Revenue +112% 45,173 22,222 45,987 

Pre-tax earnings +749% 19,829 2,336 17,604 

Shareholders Equity +9.9% 70,714 64,369 42,800 

Assets Under 

Management 

+11.8% 871,000 779,000 868,000

The Goldman Sachs Group has the following credit ratings: 

The Goldman Sachs Group has won a number of Business Awards including: 

Euromoney - 2010 Awards for Excellence - Investment Bank of the Year in 

Asia (including Japan and Australia), Best Global M&A House, Best Emerging 

Market M&A House 

2009 Global Finance Awards - Best Global M&A Bank, Best Global Private 

Equity Bank 

The Banker - 2009 Investment Banking Awards - Most Innovative 

Investment Bank 

Investment Dealers Digest - 2009 Bank of the Year 

Fitch S&P Moody’s 

Long Term Rating A+ A A1 

Goldman Sachs International 

Goldman Sachs International provides a wide range of financial services to clients 

located worldwide and undertakes trading and principal investing. The company is 

regulated by the Financial Services Authority and is a subsidiary of The Goldman 

Sachs Group. 

It is rated A1 by Moody’s, and A+ by Fitch and has reported the following financial 

accounts: 

Further information can be found at www.gs.com 

2009 2009 2008 2007 

% change 

on 2008 

($m) ($m) ($m) 

Net Revenue +28% 11,219 8,790 10,318 

Pre-tax earnings -33% 4,816 7,177 2,744 

Shareholders Equity +26% 16,436 13,074 7,547 

61

62 



LONDON’S GEOGRAPHIC LOCATION ENABLES IT TO 

OVERLAP WITH NORMAL OFFICE OPENING HOURS 

FOR OTHER COUNTRIES ACROSS THE WORLD THAT 

ACCOUNT FOR 99% OF WORLD GDP

SUB-TENANCIES 

The retail unit at 131 Fleet Street is sublet as follows: 

Landlord 


Tenant 

Jeeves of Belgravia Limited 

Term 

From 1 March 2008 until 25 September 2021 

Rent 

£45,500 per annum (rent review dates at 1 March 2013 

and 1 March 2018) 

Security of Tenure 

The lease is excluded from the security of tenure and 

compensation provisions of the Landlord & Tenant 

Act 1954 Part II (as amended). 

A management suite and messenger room on the B2 

and ground floor levels of Peterborough Court has been 

sublet as follows: 

Landlord 


Tenant 

Goldman Sachs Property Management Limited 

Term 

From 25 March 1991 until 21 March 2016 

Rent 

£10,650 per annum 

Security of Tenure 

The lease is not excluded from the security of tenure 

provisions of the Landlord & Tenant Act 1954 Part II 

(as amended). 

63

64 


133-140 FLEET STREET LONDON EC4

VAT 

No election has been made to waive the VAT 

exemption. 

VAT is therefore not payable on either the rents 

reserved or the purchase price. 

The lease stipulates that there is a personal covenant to 

Goldman Sachs whereby the landlord may not make an 

election for VAT (unless required to by statute). 

THE 

OPPORTUNITY 

We are instructed to seek offers for the 100% interest in 

the off-shore SPV which owns the freehold interests in 

both Peterborough Court and Daniel House. 

65

66 



FURTHER 

INFORMATION

68 



APPENDIX I 

OCCUPATIONAL LEASE TERMS – 

SUMMARY 

The principal terms of the occupational lease can be 

summarised as follows: 

Original Landlord 

LDT Partners. 

Tenant 

Goldman Sachs International. 

Guarantor 

The Goldman Sachs Group, Inc. 

Premises 

All those buildings known as Peterborough Court, 

133 Fleet Street and Daniel House, 140 Fleet Street, 

London EC4. 

Lease 

The initial lease was originally granted in 1992 for a 

term commencing 25 March 1991 and expiring 2016. 

The lease was varied by various deeds of variation. 

The term has effectively been extended by way of a 

reversionary lease to 20 June 2026. 

Option to Determine 

The Tenant may determine the reversionary lease 

on 29 September 2021 subject to providing at least 

12 months written notice. 

Rent 

£17,769,793 per annum exclusive. The rent is payable 

quarterly in advance on the usual English quarter days. 

Rent Reviews 

Upwards only, subject to five yearly intervals. The 

next rent reviews are scheduled for 25 March 2011, 

25 March 2016 and 25 March 2021. 

Rent Review Provisions 

The lease defines that the open market rent is the 

annual rent which would reasonably be expected to 

become payable in respect of the premises in the open 

market on the following basis: 

(i) as a whole; 

(ii) by a willing landlord to a willing tenant; 

(iii) with vacant possession; 

(iv) without taking any fine or premium; 

(v) for a term of fifteen years or, if longer, the then 

unexpired term. 

The rent review clause stipulates that the following 

are to be assumed: 

(i) that the premises have been constructed and 

completed by the Landlord in accordance with the 

rent review specification attached to the leases; 

(ii) that all mechanical and electrical plant and 

machinery has been tested and commissioned and 

that the air-conditioning system has been balanced, 

tested and commissioned; 

(iii) that all Tenant’s fixtures have been removed; 

(iv) that the premises are ready for immediate 

occupation; 

(v) that if the premises have been destroyed or 

damaged that they have been fully rebuilt and 

reinstated; 

(vi) that the covenants on the part of the Tenant have 

been performed and observed; 

(vii) that no work has been carried out to the premises 

which has diminished the rental value; 

(viii) that financial inducements relating to fitting out 

have been made and expired prior to the review date. 

The rent review clause stipulates that the following are 

to be disregarded: 

(i) the Tenant’s (or any sub-tenants) occupation; 

(ii) any effect on rent of the fact that the Tenant (or 

any sub-tenants) is the occupier of any adjoining 

building; 

(iii) any goodwill attached to the premises; 

(iv) any improvements to the premises; 

(v) any effect on the rent of the existence of the tunnel 

and bridges linking the buildings with the Tenants’ 

adjacent premises at River Court, 120 Fleet Street; 

(vi) any effect on the rent of the existence of the 

Tenant’s option to determine the lease; 

(vii) financial inducements relating to fitting out. 

(viii) any effect on the rent of the tenant being a tenant 

of any adjoining property.

Arbitration 

If there is no agreement 6 months before the rent 

review date, the matter is determined by a surveyor 

acting as an arbitrator. 

User 

Offices, storage, with ancillary accommodation. 

The retail units can be used for retail, offices or 

restaurant purposes. 

Repairs and Decoration 

The Tenant is to put and keep the premises (including 

all plant and machinery) in good and substantial repair 

and in working order. The exterior is to be redecorated 

every 3 years and the interior every 5 years. From June 

2023 and after service of the notice to exercise the 

Tenant’s option to determine the lease, the Tenant is 

not required to repair damage caused thereafter by 

fair wear and tear. 

Insurance 

The Landlord insures the Premises and the Tenant 

reimburses the premium. 

Alterations and Reinstatement 

The Tenant may not undertake any alterations which 

affect either the exterior or height of the premises. 

Structural alterations may be undertaken but only with 

Landlord’s consent (not to be unreasonably withheld). 

Non-structural alterations are permitted without 

Landlord’s consent. The Tenant has no liability to 

reinstate alterations or additions undertaken prior to 

8 February 2005, or any non-structural alterations. 

Tunnel and Bridge Licences 

By way of tunnel and bridge licences, dating 8 

November 1999 and 2 February 2001, Goldman Sachs 

International (GSI) have been permitted to construct 

one tunnel and two bridge links between Peterborough 

Court and the adjoining Goldman Sachs building, 

River Court. The licences are personal to GSI and 

upon assignment, or ultimate lease expiry, GSI need 

to remove, make good and reinstate. 

Alienation 

The Tenant covenants: 

(i) not to assign part; 

(ii) not to assign the whole of the premises without 

the prior written consent of the Landlord (not to be 

unreasonably withheld) subject to conditions. 

Assignment is only permitted if an Authorised 

Guarantee Agreement (AGA) is provided by Goldman 

Sachs International. 

Subject to receiving Landlord’s consent (not to be 

unreasonably withheld) the Tenant can, subject to 

conditions: 

(i) Underlet the whole of the premises or entire floors 

or part floors (assuming the parts are self contained 

units); 

(ii) Underlet to no more than 2 occupiers per floor 

in Daniel House and 4 occupiers per floor in 

Peterborough Court at any one time. 

Under-lettings of part (for terms of 5 years or less) 

must be excluded from the security of tenure and 

compensation provisions of the Landlord & Tenant 

Act 1954. Under-lettings must be at the full open 

market rack rental value with provision for five yearly 

upwards only rent reviews. Goldman Sachs may carry 

on the business of a serviced office provider without 

the consent of the Landlord in Daniel House or one 

floor of Peterborough Court. 

VAT 

Unless required by statute, the Landlord covenants 

not to make a voluntary election for VAT. This is a 

personal covenant to Goldman Sachs. 

Disposals by Landlord 

Whilst the lease is vested in Goldman Sachs (save in 

certain specified circumstances), the Landlord may not 

sell or dispose of the Premises or the entity owning the 

Premises to any of eight financial competitors of 

Goldman Sachs or entities controlled by such financial 

institutions without the consent of Goldman Sachs. 

69

70 



APPENDIX II 

LONDON’S MIDTOWN – 

A CASE FOR GROWTH 

Overview 

London’s Midtown is bounded by the City to the East, the West End to the 

West, Kings Cross to the North and the River Thames to the South. The 

Midtown market comprises three sub markets namely Bloomsbury, Covent 

Garden and City/Midtown totalling c. 32.8m sq ft (3m sq m) of office stock. 

Midtown’s occupier diversity means that it appeals to a variety of both occupiers 

and alternative users. It is therefore less susceptible to the reliance on a particular 

sector as is witnessed in other parts of the City Market and in the last downturn 

witnessed lower vacancy rates than both the City and West End. 

Over the previous cycle, rents in the Midtown sector outperformed all 

of the other City market sectors achieving highs of over £70.00 per sq ft 

(£753 per sq m). 

Take – Up 

Take-up in Q3 2010 hit a 3 year high, rising 48% over the quarter to 

546,000 sq ft. This is 8% higher than the long-term Midtown average of 

506,000 sq ft. Performance was driven by lettings of new Grade A and 

refurbished accommodation. 

Demand 

There is considerable forthcoming structural demand in the area. Jones Lang 

LaSalle have identified approximately 6m sq ft (557,413 sq m) of such events 

between now and 2015. The diverse occupier base has triggered a number of 

different requirements being identified.

Supply 

There was a marked reduction of 10% of Midtown supply in the third quarter 

of 2010. Availability fell from 3.2m sq ft to 2.9m sq ft, reducing the availability 

from 9.4% to 8.3%. The Grade A supply saw an even sharper reduction of 

25% from 1.6m sq ft to 1m sq ft, as a response to healthy take-up. 

At present only 12,000 sq ft (1,114 sq m) of new and refurbished space is 

available in WC1, 27,000 sq ft (2,508 sq m) in EC1 and 126,000 sq ft (11,705 sq m) 

in Midtown EC4. Scheduled completions indicate that there is little more 

expected to replenish this stock over the next two years with only four known 

schemes in speculative construction set to provide 344,000 sq ft (31,958 sq m) 

in the next 12 months. 

Rents 

Rents continue to climb with prime City rents having comfortably broken through 

the £50.00 per sq ft (£538 per sq m) barrier and emerging evidence in the City 

core of rents achieving close to £60.00 per sq ft (£645 per sq m). With the Grade 

A vacancy rate standing at 2.4% across the City as a whole and little supply 

coming through in the short term, further rental increases appear inevitable with 

many forecasters anticipating continued rental growth and prime rents forecast to 

reach c. £67.50 per sq ft (£726 per sq m) by 2013. 

£PSF 

71

72 



CONTACT 

An electronic data room for Peterborough Court 

has been provided. The contents include: 

Occupational lease 

Draft Report on Title 

Title Plan 

SPV Structure Note 

Plowman Craven measured survey 

Floor plans 

Photo library 

For further information, access to the electronic data 

room or to arrange an accompanied inspection please 

contact the sole agents:- 

Andrew Hawkins 

Tel: +44 (0)20 7399 5840 

Fax: +44 (0)20 7399 5676 

andrew.hawkins@eu.jll.com 

Julian Nairn 

Tel: +44 (0)20 7399 5865 

Fax: +44 (0)20 7399 5676 

julian.nairn@eu.jll.com 

Ross Davies 

Tel: +44 (0)20 7399 5782 

Fax: +44 (0)20 7399 5676 

ross.davies@eu.jll.com 

Tom Swanson 

Tel: +44 (0)20 7852 4176 

Fax: +44 (0)20 7399 5676 

tom.swanson@eu.jll.com 

NOTICE 

The Property (defined term) is being sold by Richard James Stanley and Nigel Cameron Wheeler, both of Jones Lang LaSalle of 22 Hanover Square, London, W1S 1JA as Fixed 

Charge Receivers (“Receivers”) appointed pursuant to the Charge contained in a Debenture dated 12 August 2007 between Antedon Investments SA (1); Peterborough Court 

(Nominees) I Limited and Peterborough Court (Nominees) II Limited (2); and Barclays Capital Mortgage Servicing Limited (3). The Receivers have produced this brochure and 

will enter into any agreement as Agents for and on behalf of Antedon Investments SA and neither they, their firm, partners, employees, advisors, representatives or agents shall 

incur any personal liability in respect of any obligations undertaken by Antedon Investments SA or in respect of any failure on the part of Antedon Investments SA to observe, 

perform or comply with any such obligations or under or in relation to this brochure or any associated arrangements or negotiations or under any document or assurance made 

pursuant to any sale. 

MISREPRESENTATION ACT 1967 AND DECLARATION 

Jones Lang LaSalle Limited for themselves and for the vendors of this property whose agents they are give notice that:- 

1 the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract 

2 all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be 

correct, but any intending purchasers should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness 

of each of them 

3 no person in the employment of Jones Lang LaSalle Limited has any authority to make or give any representation or warranty whatever in relation to this property 

September 2011 (Q1992)

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