Former BBC commercial headquarters snapped up by Standard Life

Helen Cahill
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Standard Life secured the property in a sale and leaseback deal (Source: Getty)

Standard Life Investments has acquired the BBC's former commercial headquarters in a sale and leaseback deal with Kier Property.

Standard Life's long lease fund purchased a 25-year lease of the property.

Kier Property is refurbishing the building, which currently has 34,000 square feet (sq ft) of space.

The construction firm is adding an extra 8,000 sq ft and will then move into the office in January 2018. Kier Property is currently located in Cavendish Place.

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The property at 33 Foley Street was originally built as a printing works in the 1920s.

Richard Marshall, fund manager of the Standard Life Investments long lease fund said: "This transaction is underpinned by strong fundamentals; Foley Street is a high-quality headquarters office in an area of central London with long term growth potential, following the development of the new Crossrail station at Tottenham Court Road."

Montagu Evans acted for Standard Life Investments, and Cushman & Wakefield and Michael Elliott represented Kier Property.

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