British newspaper The Times said the multinational group that employs 6,500 office staff in the UK, plans to rent the building on St. James’s Square from the new owner for up to two years before leaving permanently. BP has not confirmed the report.

If the plans go forward, the newspaper said BP would join other employers changing work styles after many employees began working from home due to the coronavirus pandemic. The oil group’s new CEO, Bernard Looney has said that future plans would combine home and office working.

According to The Times, the London building BP bought for £117 million in 2001 could be priced at more than £300 million today.

The newspaper said the BP plan highlights the uncertainty the property market is facing as the coronavirus sent office workers home to setups in their kitchens or living rooms. Only 13% of employees are said to have returned to their in London offices in August, based on observation of mobile phone data.

In June, BP announced plans to slash staffing by 10,000 positions as part of a move aimed at saving £1.9 billion in costs over the course of 2020. At the beginning of July, it announced the deal with Ineos. Altogether 1,700 employees will transfer to the new owner.

Author: Dede Williams, Freelance Journalist