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BT employees will ultimately be relocated to one of 7 new regional offices but could find themselves remaining in St paul’s as part of a leaseback agreement
BT Group has announced the sale of its iconic London headquarters, for a reported £209.6 million.
The company will sell the St Pauls building to real estate fund Orion Capital Managers. As part of the deal, BT will be permitted to lease back office space in the building for the next 30 months.
BT is set to close 270 offices in the UK as part of its plans to reduce its operational expenses by £1.5 billion, in 2019.
BT’s "Better Workplace Programme" will see the company consolidate its real estate footprint from 300 locations to just 30.
“The Better Workplace Programme is about bringing our people together in brilliant spaces, and transforming the way we work,” BT Group chief executive Philip Jansen said in June.
As part of the consolidation of its workforce, BT is continuing with plans to cut its workforce in the UK by around 7,000 (13,000 redundancies, offset by 6,000 new hires).
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