The Greater London Authority (GLA) could soon be moved to a new headquarters in East London, under proposals put forward by mayor of London Sadiq Khan.
Moving its headquarters to The Crystal building in the Royal Docks - which is already owned by the GLA - would save £55m over five years.
The City Hall building costs the GLA £11.1m a year in rent and service charges to a private landlord.
Mayor Khan, said: ‘In normal times, it would be standard practice for any Mayor to consider utilising the lease ‘break’ clause on the City Hall building that becomes possible this year, and to view it as an opportunity to ensure Londoners were getting the best value for money. In the current financial context, and with the looming black hole in London’s public finances, it would be negligent not to do so.
’Leaving our current home would save £55m over five years, which would help us to protect and invest in the things that matter most to Londoners, as well as supporting the regeneration of the Royal Docks.’
The GLA is facing a budget shortfall of up to £493m over the next two years due to the costs of the coronavirus pandemic.