BT Plc has agreed the sale of its corporate HQ on Newgate Street near St Paul’s, central London, for £209.6m.
The property has been sold
to real estate private equity firm Orion Capital Managers. However, it will
include a clause which allows BT to continue to occupy the building for 30
It is believed that the
sale is part of BT’s ‘The Better Workplace Programme’ to improve and
consolidate its workplaces across the UK
into modern, future-fit hubs around the UK. BT Group chief executive Philip
Jansen has previously commented: “The Better Workplace Programme is about
bringing our people together in brilliant spaces, and transforming the way we
Although the mainstream media are reporting the sale from the point of view of the restructuring of BT’s operations, the property-related story is one that deserves consideration too. The site of the BT Centre has strong historical links, being the location from which Marconi first publicly broadcast wireless signals in 1897. However, the current 1980s building is dated by modern standards and it might be interesting to see what plans emerge for what is a prime City of London site.