Three famous American names have committed to major offices in the United Kingdom, investments that signal confidence in the face of recent economic turbulence.

The moves by Blackstone, New York University and Goldman Sachs show that the economic uncertainty in the United Kingdom, symbolized by the pound falling in the past month to its lowest level ever against the U.S. dollar, will not prevent investment from abroad.

Of the three, the stand-out transaction is the commitment of Blackstone, the world’s largest alternative asset manager, to a new, purpose-built European headquarters on the exclusive Berkeley Square in Mayfair, its long-term London home.

Prime Minister Liz Truss joined the parties welcoming the commitment. Conflating the move with her government's economic growth strategy, Truss said in a statement: “Blackstone’s decision to move into new and expanded European headquarters in London is a resounding vote of confidence in the United Kingdom as Europe’s leading financial centre.

“Blackstone backs firms that supports tens of thousands of British jobs and I am confident that our growth plans will ensure we become an even greater country in which to invest and do business.”

The group said the decision to fully lease what will be one of London’s premier office buildings reflects its "significant" commitment to growth in the United Kingdom and Europe. The firm’s London headcount has doubled over the past three years and is now more than 500 people.

Blackstone plans to occupy a 226,000-square-foot, 10-floor building on Berkeley Square on the site occupied by Lansdowne House.

Construction is expected to be completed by 2028. Blackstone says the building will set new standards in sustainability and accommodate more than 1,800 seats, as well as 14,000 square foot of ground-floor retail space and redeveloped public areas.

The building is being developed by Co-re on behalf of the Audley Group, which is owned by the Brunei Investment Authority. Knight Frank advised.

The group will move from the 75,000 square feet it occupies at 40 Berkeley Square.

It has not been disclosed what Blackstone is paying to rent the £200 million development but market speculation is that rental discussions for prime space on the square are now nearing £200 per square foot, which would be a global record for office space globally.

The announcement came a day after CoStar News revealed that New York University's London branch has taken a large office building on The Strand in the Midtown area of the capital.

Development manager Macallan Brown on behalf of Euro-Group has agreed to pre-lease the whole of the 75,000-square-foot 265 Strand to NYU London.

The building will undergo a major refurbishment to provide a new facility for the London arm of the prestigious university. It is based at 6 Bedford Square, close to the British Museum.

It will be one of NYU's 14 global academic hubs. The university is based in New York City and has degree-granting campuses in Abu Dhabi and Shanghai as well as 12 study-away sites throughout the world.

Chartered in 1831 by the New York State Legislature, NYU was founded by a group of New Yorkers led by then-Secretary of the Treasury Albert Gallatin.

The moves follow on from US banking giant Goldman Sachs' commitment to a major headquarters in Birmingham last month. Goldman has signed for an 110,000-square-foot office at One Centenary Way in the centre of of the West Midlands city.

The investment powerhouse signed last year for a two-year agreement for around 55,000 square feet of flexible space at WeWork's offices in 55 Colmore Row before finalising its decision on a long-term home.

National office take-up in the UK increased by 9% last quarter to reach 5 million square feet for the first time since the third quarter of 2021, according to CoStar data. Last quarter’s take-up figure was still about 10% below pre-pandemic averages, but it was the second-strongest quarter since the pandemic began. Deal count also hit a three-and-a-half-year high as companies of all sizes pressed ahead with leasing decisions, CoStar reported.

The resilient data came as figures from Remit Consulting showed that employees returned to offices to a greater extent than at any time since the pandemic began in September.

Central London office take-up has been strong in the first half of the year as occupiers have begun to put pen to paper following the paralysis caused by COVID-19, but there has been gathering concern that economic and political turbulence in the United Kingdom in recent weeks will hit momentum.

London’s West End and City office markets saw office take-up in the first half of 2022 beat the 10-year average, according to Savills. But deals are tending to take longer to move from under-offer to completion in both markets, says Savills.