The North Sea Transition Authority (NSTA) has struck a £7.4million deal to move into new offices in Aberdeen City Centre.
The energy sector regulator has taken a 15-year lease at Marischal Square and will shortly move from its current location in the AB1 Building, at 48 Huntly Street.
The NSTA disclosed the new lease - which works out at just under £500,000 per annum - in its annual report, which was published yesterday.
As the UK’s offshore oil and gas regulator, it maintains its headquarters in Aberdeen, alongside an office in Bloomsbury, London.
A spokesperson for the NSTA said it expects to make the jump in late summer or early autumn.
It comes as energy giant Shell makes its high-profile move to the nearby Silver Fin building on Aberdeen’s Union Street.
The move has been widely welcomed by business leaders, who say it will increase footfall to the many retailers, cafes, restaurants and businesses in the area and act as a catalyst for further generation of the West End of Union Street.