West Incorporated, an Irish property investor, said on February 1 2010 that it has acquired the Telephone Palace building in Sofia for an estimated 22.5 million euro. The company could to invest more than 100 million euro in developing the property. West Incorporated said it would not disclose the future purpose of the building, but the company has employed a team of top professionals, who have been researching possibilities to turn the building into a unique cultural and social centre both in Bulgaria and in Eastern Europe. The landmark building cannot be razed because it is a monument of culture. Built in 1938/49, it was the first dedicated building to host a switching board in Bulgaria and later served as the headquarters of the state fixed-line monopoly Bulgarian Telecommunications Company (BTC). BTC, now known as Vivacom, has been trying to sell the building since 2006, saying that the building was no longer suited for its needs. Vivacom is expected to move its head office from the building later this year. "We are presently exploring different development options and designs, but our ultimate goal is to make the Telephone Palace a place that Bulgarians will be proud of. One that will reflect on Bulgaria’s past and at the same time will house the best of the modern world in the light of global cuisine, cosmopolitan brands and entertainment," West Incorporated chief executive and owner Brian Conneely said in a statement. Conneely said that the façade and the name of the building will stay unchanged: "It is my strong desire that on its completion this building will be a magnificent re-energised landmark in Sofia, that would offer people unmatched experience, where historical, cultural and architectural heritage meets modern and futuristic lifestyle." West Incorporated said it is group of companies fully owned by Irish capital licensed to trade in Bulgaria. Its current investments in Bulgaria include four hotels on the Black Sea coast – three in Zlatni Pyassutsi (Sunny Beach) and one in Ravda, as well as two residential developments in Sofia, according to its website. The company said it was "in negotiations with big Asian investors with serious interest in developing business in Bulgaria", but did not give further details. Reports in Bulgarian media in July 2009 said that Saudi prince Al-Waleed bin Talal, who visited Sofia briefly, showed interest in buying the building as part of his plans to own a luxury hotel in Bulgaria.