(Bloomberg) -- Goldman Sachs Group Inc. is preparing to sign a 10-year lease on office space for up to 800 staff in Birmingham as Wall Street firms expand beyond London in the wake of the pandemic.

The bank could sign in the coming two weeks and aims to move into the customized space in early 2024, Gurjit Jagpal, managing director and head of the Birmingham office, said in an interview. 

The new office signifies a more substantial commitment to Birmingham by Goldman. For the past 12 months it has had 230 staff and dozens of consultants working out of a WeWork facility in the UK’s second largest city on flexible lease terms. 

The new staff will join colleagues in areas ranging from human resources to legal and blockchain technology, and work on projects including the online retail banking service Marcus. The bank opened a new building at Plumtree Court in the City of London three years ago marking a renewed commitment to the UK as its European investment banking headquarters despite Brexit. Today the London office is home to some 6,000 employees.

“We are diversifying locations to attract and hire talent. Post-pandemic the trend you’re seeing is we are having to go to places where talent wants to be,” Jagpal said. Talent “is our raw commodity, we have an insatiable appetite.” The contract reflects a significant capital investment and Goldman will be able to expand to house more staff if needed, he said.

Firms are increasingly looking to the skilled work forces and cheaper costs in UK cities beyond London as Brexit and the coronavirus pandemic prompt them to rethink their business structures. Citigroup Inc. is seeking 400 more staff for its Belfast office, while Accenture has set up a new hub in the West Midlands. UK ministers have also selected Birmingham as the new home for an audit regulator, according to the Financial Times, while Deutsche Bank and HSBC Holdings Plc both have bases in the city.

The West Midlands’ £117 billion ($135 billion) GDP economy has grown by over 25.5% in the last five years, according to the West Midlands Growth Company.

Goldman originally set up in Birmingham as an engineering base, and it now has staff working in 13 areas. All staff are coming into the office three or more days per week with about half coming in on four to five days, Jagpal said. 

“What appeals to people here is they’re relatively new to the firm and want to learn. With the best will in the world we are not going to grow our future leaders from their bedrooms.”

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