Supermajor BP (LON: BP) has struck a deal to up sticks and move to a fresh headquarters in London.
From 2024, the London-listed oil and gas giant will take up residency in a new office, close to Trafalgar Square.
It follows as “extensive search of appropriate property”, with BP chasing a “smaller, more sustainable location” to house its head office activities.
In June the company agreed to take space in the completely redeveloped building at 20 Carlton House Terrace – its refurbishment is currently underway.
BP’s new base has a surface area of around 70,000 square feet, almost half of the total building’s floor space.
Wheels in motion to leave St James’s Square
In late 2020, BP sold its 1 St. James’s Square headquarter for around a quarter of a billion pounds, part of chief executive Bernard Looney’s plan to cut costs.
A short-term lease was agreed to allow the company to identify and secure an appropriate new home.
BP expects to move into Carlton House Terrace in Inner London in around two years from now, at the end of 2024.
Separately, the company is in the process of beginning to move its trading and shipping division move to its new space in Canary Wharf – from 20 Canada Square to 25 North Colonnades.
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