Glencore Is Said in Talks for London Mayfair Headquarters

(Bloomberg) — Glencore Plc is in talks to lease a new London office for its oil-trading operations in the city’s Mayfair district, people with knowledge of the matter said.

The Swiss commodities trader is negotiating taking space at the Hanover Square Estate, an office complex being built by Great Portland Estates Plc that’s due to be completed in 2020, the people said, asking not to be identified because the talks are private. Glencore, which listed in London in 2011, is seeking to rent about 50,000 square feet (4,645 square meters) in the development, the people said. The deal has yet to be finalized and there’s no guarantee that it will be completed, they said.

Spokesmen for Glencore and Great Portland Estates declined to comment.

Glencore, headed by billionaire Ivan Glasenberg, is the world’s biggest commodities trader, shipping everything from copper to coal and grain to zinc. London is its oil-trading base.

Alex Beard, the head of oil at Glencore, is based in London. The company has oil assets in Cameroon, Chad and Equatorial Guinea and is one of the world’s leading traders of crude and oil products, saying it markets about 6 million barrels a day. Its current London office is half a mile away at 50 Berkeley Street, which has been the company’s U.K. headquarters since 2000.

Hanover Square Estate is being built above the entrance to the Bond Street station for the upcoming Crossrail project. Private-equity group KKR & Co. has already signed up for space in the development, which will occupy a prime location in one of the most expensive neighborhoods for office space in the U.K. capital.

–With assistance from Javier Blas.

To contact the reporters on this story: Jack Sidders in London at jsidders@bloomberg.net;Thomas Biesheuvel in London at tbiesheuvel@bloomberg.net

To contact the editors responsible for this story: Sree Vidya Bhaktavatsalam at sbhaktavatsa@bloomberg.net, Paul Armstrong, Patrick Henry

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