The Press Association is to relocate to a new London office after agreeing the sale of its headquarters in the capital.
The national news agency for the UK and Republic of Ireland will depart its Vauxhall Bridge Road home, where it has been based since 1995, for a new premises.
It is expected the completion of the sale to an unnamed real estate investor will take place approximately 12 months from now, and the search for new offices has already begun..
PA says the monies generated from the sale will enable it to address its pension fund deficit and continue to invest in and diversify the business.
The news was announced to staff this afternoon in a memo by PA chief executive Clive Marshall, which has been seen by HTFP.
He told staff: “Some of you will have been at PA long enough to remember our previous headquarters at 85 Fleet Street. The move to our current offices in Vauxhall Bridge Road in 1995 enabled us to significantly improve the working environment for our London-based employees.
“The sale that we are announcing today will provide us with the opportunity to secure new London premises that meet the requirements of a modern digital media company.
“The monies generated from the sale will enable us to address our pension fund deficit and continue to invest in and diversify the business, as well as provide a return to our shareholders.”
A PA spokeswoman added: “PA Group has approved the sale of its London headquarters on Vauxhall Bridge Road to a real estate investor.
“The company has exchanged contracts with the purchaser and the sale is due to complete at a deferred time. During this period PA Group will continue to operate from its current premises while a new London HQ is secured.”