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.
"We've already surpassed one degree of global warming," said Kristen Buida, manager of the London Climate Change Partnership.