News International has put its plans for a redevelopment of its Fortress Wapping campus on hold until market conditions improve.
The media giant, headed by Rupert and James Murdoch, has also ended negotiations with Land Securities to take 150,000 sq ft of overflow space at Thomas More Square. The overflow space was to house arms of its corporation including Dow Jones, The Sunday Times and the London Paper.
It is thought that its decision has been driven by concerns about the wider economy.
News International will continue with design work to create ‘an innovative campus’ which will house all of its arms including News International, Harper Collins, MySpace, Dow Jones, Fox and related businesses will be located under one roof for the first time.
In September it selected architects Future Systems to design a scheme while Arup has been appointed to manage engineering and sustainability.
Pringle Brandon was appointed to do space planning.
However, it will not set a start date until it assess market conditions.
Jones Lang LaSalle and Corporate Property Advisors advised News International.