Transport for London (TfL) has sold its Grade I-listed 55 Broadway headquarters to Integrity International Group for more than £120m.
TfL put the 150-year leasehold for the St James’s office complex on the market in May this year in order to reduce its office administration costs and increase revenue for infrastructure works.
Tony Matharu, founder of Integrity International Group and co-founder of Grange Hotels Group, said the firm is “looking at all options” for the future use of the “extraordinary” building.
Matharu said: “The purchase of 55 Broadway is a very important step for all involved and reflects our ambition to invest in and breathe new life into impressive London properties. We intend to collaborate with TfL and others to ensure that this landmark building has an exciting future in the heart of London.”
The art deco complex, which also includes 100 Petty France and Wing Over Station, received residential planning permission in June 2015, according to Architects’ Journal.
TfL has leased the site back for a year in order to continue using the building.
TfL director of commercial development Graeme Craig said: “It forms part of our long-term estate management strategy to reduce our office accommodation costs and generate vital revenue to support upgrading critical transport infrastructure and our housing development programme.
“55 Broadway has played an important role in the development of London, and we are confident that this is recognised by Integrity International Group, who will invest in this historic building and breathe new life into it.”
“In my view London is the best place to live, work and visit in the world,” Matharu told City A.M..
“People take short term views…I take a longer term view and I believe in London”