Southwark Council has agreed terms to buy the freehold of its headquarters in Tooley Street, SE1, according to reports.
The authority was this week due to set out a business case for the purchase of the 205,236 sq feet office building, website CoStar reported.
The terms of Southwark’s lease last until 2033 and it currently pays £7.7 million a year in rent on the building.
An outright purchase of the building is expected to reduce the council’s annual costs.
A new website for the local community, which explains the council's plans for the regeneration of Old Kent Road, has been launched