BPTT says it intends to continue its tenancy of Queen’s Park Plaza and the adjoining Albion Plaza at Queen’s Park West.
The issue of bpTT changing its tenancy arrangements at the building arose early last week as the company confirned it was in the final stages of an involuntary separation exercise aimed at reducing its 800-strong workforce. The severance exercise followed an earlier round of voluntary separations.
Those job cuts were mandated by BP’s chief executive Bernard Looney, who announced in June that the transnational oil company would decrease its headcount of about 70,000 employees by about 10,000 employees.
And then on Friday, BP announced in London that it had completed the sale of its headquarters building, located at 1 St James’s Square in central London, for about US$332 million. BP agreed to lease back the building for two years at a lease cost of about US$15 million a year.
Both Queen’s Park Plaza and Albion Plaza are owned by RGM, a commercial property development company that is owned by RBC Merchant Bank (Caribbean) Ltd, Guardian Holdings Ltd and Sagicor Life Inc.
BPTT is the anchor tenant in the buildings.
The bpTT spokesmen said: “Despite ongoing work-from-home arrangements due to Covid-19, bpTT will continue its tenancy in both buildings.”