Czech company buys BP's office for £291 million

KKCG Real Estate has completed the £291m acquisition of 1 St James's Square, the landmark West End office building currently occupied by BP.

The Czech developer plans to bring forward a consented revamp of the building, once BP vacates its London headquarters in April 2028.

The oil giant has agreed a 192,000 sq ft lease with Landsec to establish its new global headquarters at Timber Square in Bankside, London. It sold 1 St James Square for £250m in a sale-and-leaseback deal in 2020 to Hong Kong-based retail operator Lifestyle International Holdings.

KKCG’s planned Foster + Partners scheme will deliver 120,943 sq ft net of prime office space on the 0.54-acre site. YardNine has been selected as development partner for the retrofit-led redevelopment, which will retain the building’s existing frame and add two new storeys and a roof terrace overlooking the square.

Full story KKCG completes £291m acquisition of BP's West End headquarters | Property Week