Bloomberg L.P. announced Monday that it has reached an agreement with Legal and General for the purchase of the Walbrook Square site to build a new European headquarters located in the heart of the City of London.

The agreement means Bloomberg L.P. will construct two new buildings, one that will contain in excess of 500,000 square feet of office space to accommodate Bloomberg’s growth, and one speculative building. The site, which is 3.2 acres, will also accommodate generous public spaces and retail.

The company also announced it is working with renowned architect Norman Foster of Foster + Partners on plans for the building, which are in the early stages of development.

Bloomberg’s current London headquarters, a portion of which was also designed by Lord Foster, is located at Finsbury Square, and has served as the company’s hub for Europe since 1987. It has been expanded several times and now houses more than 2,300 employees.

“Bloomberg’s London headquarters has always been an integral part of the company,” said Peter Grauer, chairman of Bloomberg L.P., in a statement. “This new project underscores our commitment to London and to expanding our presence in this world-class financial capital.”

Bloomberg continues to expand its information business around the world, with the company expected to reach 300,000 terminal subscribers in January 2011. The company’s European business constitutes nearly 40 percent of its total revenues.

Bloomberg’s new European home will be just steps from the Bank of England and St. Paul’s.

News on News recently toured the current Finsbury Square HQ, read the full report here.

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