According to the Financial Times, Project Prometheus is negotiating to lease 38,000 square feet in the Jellicoe Building. The venture recently secured backing worth around $38 billion, following a previous $10 billion round, and is led operationally by Amazon alongside co-chief executive Vikram Bajaj. Project Prometheus has been hiring aggressively, including AI researchers and infrastructure specialists, expanding capacity in London, San Francisco, and Zurich.
King's Cross has become a hub for AI companies. OpenAI has taken 88,500 sq ft at Regent Quarter, Anthropic has signed for 158,000 sq ft at One Triton Square, and Scale AI is relocating its international HQ to Pancras Square. According to City AM, Michael Wiseman described the trend as a positive story for London. CBRE research shows AI firms are set to take up as much as 4 million sq ft of office space in London by 2033, up from 1.5 million sq ft today. According to City AM, Mike Gedye noted the speed of growth and how firms quickly scale from co-working spaces to traditional offices.
You don't have to see many of those businesses coming over for it to be a really positive story for London.
ServiceNow is set to occupy over 50,000 sq ft near London Bridge. AI-related tenants now make up almost 12% of landlord Great Portland Estates' office portfolio and over a quarter of its flexible work spaces. It remains unclear whether Project Prometheus has finalized the lease agreement or what specific roles it is hiring for in London.
What's notable compared to previous cycles is the speed of growth.
They may be landing and taking 15 to 20 seats in a co-working space, but within 12 to 18 months, they've scaled into traditional offices and are taking more and more footprint.