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News International today secured new offices in east London as it paved the way to move parts of its business out of its Wapping headquarters.
The firm, publisher of The Times and The Sun newspapers, agreed to rent 11 floors of office space at nearby Thomas More Square, big enough to house most of its Wapping workforce.
It came as News International, part of Rupert Murdoch's News Corp, continued to weigh up its options for redeveloping its ageing fortress in Wapping.
The firm has been considering its future for some time and last year was close to moving to the City and selling its current site to a housing developer.
But it is now looking at modernising its Wapping home, and the new site gives it space and flexibility to house staff temporarily if redevelopment work gets the go-ahead.
News International agreed to pay landlord Land Securities £22 per square foot or £4.2 million a year. The 10-year lease has break clauses after five, seven and nine years.
The 192,000 sq ft deal was one of the biggest of the year and a boost to Land Securities, given the moribund occupational market in the City.
