UK telco BT said it has agreed the sale of its global headquarters, BT Centre, on Newgate Street, London, to the Orion European Real Estate Fund V, managed by Orion Capital Managers, for £209.55 million.
The deal includes an initial leaseback agreement of 30 months during which time BT said it will move its headquarters to a new London location.
BT said the sale of the 300,000 sq ft office building is part of its previously announced wide-ranging business transformation programme.
The company said it expects to announce details of its new headquarters shortly.
Last year it was reported that the company had shortlisted four possible options, which included sites in Canary Wharf, Stratford, Fenchurch Street and Aldgate.
BT appointed Cushman & Wakefield in the summer of 2018 to advise on sale options of the 1980s-built BT Centre as part of its plans to downsize and move to a more modern building.