The Press Association has agreed the sale of its headquarters in London and is currently searching for a new home in the capital while it waits for the deal to complete.
PA has been based at Vauxhall Bridge Road, Victoria, since 1995 after moving from Fleet Street.
The building has been sold to a real estate investor, with the deal expected to complete in about 12 months’ time. The group will remain at the premises until it secures a new home in London.
A spokesperson said: “The sale will provide PA Group with the opportunity to secure new London premises that meet the requirements of a modern digital media company.
“The search for new offices has already begun and staff will be kept updated on developments.”
They said the money generated from the sale will enable PA to address its pension fund deficit and “continue to invest in and diversify the business, as well as provide a return to our shareholders”.
Staff were told of the sale in announcement earlier today.
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