Land Securities is buying the long leasehold of Telephone House, the former BT building at 2-4 Temple Avenue, EC4, from freeholder the Corporation of London for around £4m.
The property company intends to refurbish and relet the 3,855 sq m (41,500 sq ft) Grade II office block, which BT vacated last week.
Jonathan Turk of LandSec said: “There is a strong demand for this type and size of building among the legal and associated professions and for this reason, we are buying the property with speculative development in mind.”
St Quintin is advising LandSec. Chesterton and the City Surveyor are advising the Corporation of London.
EGi News 30/07/97
