British Telecom is reportedly quitting its London headquarters, threatening up to 2,000 jobs.
The surprise decision comes just months after the firm spent millions giving the 20-year-old building a facelift.
As many as 2,500 staff are based at the centre, which is estimated to be worth £100 million sterling, including the top 200 decision makers.
An e-mail from personnel director Mr John Steele, which was leaked to the Mirror, says the move to a new headquarters over the next 12 to 18 months will mean employing 400 to 500 "at the end of the restructuring process".
The move is part of a massive shake-up at BT, which is struggling with a £30 billion debt.
The company raised nearly £5 billion yesterday by selling its businesses in Japan and Spain.
BT revealed plans earlier this year to raise up to £2 billion through the sale of hundreds of properties.
Management said the BT Centre would not be included.
PA