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Westminster City Council and London Business School have announced that the school will take over the Grade II-listed building on a 35-year renewable contract. When the main building and annexe are opened for lectures in 2017, following a £60m refurbishment, LBS’s teaching facilities will increase 70 per cent. The council says the financial pressures of austerity have been instrumental in its decision to lease the building, which was designed by the British architect Edwin Cooper and opened in 1920, alongside its Regent’s Park site. Financial Times