(Alliance News) - BT Group PLC said Monday it has agreed to move its headquarters to Aldgate in central London after selling its previous headquarters for GBP210 million.
The FTSE 100-listed telecommunications firm said the move "forms an important part" of the company's Better Workplace Programme, which is BT's three-to-five year programme to consolidate its operations in 300 current locations to just 30.
The new building will be a "fit-for-purpose" building, developed and owned by Aldgate Developments. BT said the building will be "adaptable to suit the business' changing needs".
"We've been headquartered in BT Centre for nearly 35 years and we've been looking for a building in central London that will be the home of BT for the next 35 or more. The 18 floors of our new headquarters will do just that," said Chief Executive Philip Jansen. "Between now and moving into the building we'll be working with architects, designers and - most importantly - our colleagues, to make sure it's the home the business wants and needs."
BT moved into the 300,000 square foot office building near St Paul's Cathedral in 1985. BT said the "immense changes" within the company and the technological advancements in the industry have left the building not fit for purpose.
Jansen added: "The relocation of our global headquarters is a symbolic move but really it's the tip of the iceberg; we are currently embarking on one of the largest workplace transformation programmes the UK has ever seen. The Better Workplace Programme is going to take a lot of hard work but it will have a huge and positive impact on BT's working culture, our productivity and, ultimately, our ability to serve our customers."
BT expects to complete the move to its new offices by the end of 2021.
Shares in BT were down 0.3% in London on Monday at 188.34 pence each.
BT (BT.A)