London’s iconic BT Tower has been sold to a US hotels giant for £275m – with the iconic structure to be turned into a Thomas Heatherwick-designed hotel.
BT Group has agreed a deal with MCR Hotels which owns around 150 locations, including the historic landmark Eero Saarinen-designed TWA Hotel in New York City.
The tower’s new owner has said the building will be converted into an “iconic” hotel – a new life for the once Post Office tower which has stood amid London’s skyline since the sixties.
Heatherwick – who designed the new London routemaster and the 2012 Olympic torch – said “My team and I are thrilled to partner with MCR to reimagine the BT Tower. This is an extraordinary building and an amazing opportunity to bring it back to life. We’re excited at the prospect of working with Fitzrovia’s residents and with many thousands of Londoners, to repurpose this important piece of the city’s living heritage.”
BT Group said the payment for the sale will be made over multiple years, as its equipment is progressively removed from the building, with final instalment being made on completion of the purchase.
Brent Mathews, property director, BT Group, said: “The BT Tower sits at the heart of London and we’ve been immensely proud to be the owners of this important landmark since 1984.
“It’s played a vital role in carrying the nation’s calls, messages and TV signals, but increasingly we’re delivering content and communication via other means.
Tyler Morse, CEO and owner of MCR Hotels, added: “We are proud to preserve this beloved building and will work to develop proposals to tell its story as an iconic hotel, opening its doors for generations to enjoy.”
The BT Tower is a grade-II listed communications tower located in Fitzrovia, London.
Upon completion in 1964, it overtook the Millbank Tower to become the tallest structure in London until 1980, when it was surpassed by the NatWest Tower.
BT Tower was opened for operations in 1965 by Prime Minister Harold Wilson and was open to the public until 1971, with a restaurant making use of the revolving top floor, when an IRA bomb put paid to public visits.
Since 1984, BT Tower has been operated by BT Group, with its top floor regularly hosting corporate and charity events, and its ‘infoband’ screen regularly displaying messages across London.
In a statement issued to the London Stock Exchange, BT Group added: “As the UK heads rapidly into an all-digital future, a number of network operations that were traditionally provided from BT Tower are now delivered via BT Group’s fixed and mobile networks.
“For example, the tower’s microwave aerials were removed more than a decade ago, as they were no longer needed to carry telecommunications traffic from London to the rest of the country..
“The BT Tower has long been an important site for BT Group’s Media & Broadcast business, as one of the key global interchange points for live television.
“As part of its long-term strategy, the media and broadcast division has already been migrating services onto its cloud-based platform, which will allow a more straightforward move to more modern and efficient premises.
“This will enable the division to continue to sit at the heart of UK and global media distribution.”