The telecommunications company BT Group has announced the sale of its London landmark BT Tower to MCR Hotels for $346 million, with the new owner planning to transform the structure into a hotel.
Located in the Fitzrovia district of Central London, the 620-foot-tall tower was completed in 1964 and was the city’s tallest structure until the opening of the NatWest Tower in 1980. It served as the hub of the U.K.’s communications networks for years but shifts in technology to digital delivery – the Tower’s microwave aerials were removed more than a decade ago – and BT Group’s plan to whittle down its property portfolio resulted in its sale.
“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,” said Brent Mathews, property director at BT Group. “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. This deal with MCR will enable BT Tower to take on a new purpose, preserving this iconic building for decades to come.”
