The British Film Institute (BFI) on London’s South Bank has confirmed that it is in talks about leasing part of the nearby Shell Centre.

The BFI declined to comment on its plans for the proposed space, which overlooks the Thames, but a BFI spokesman said “the discussions are not about collection storage”.

Earlier this year, the BFI closed its South Bank exhibition gallery because of a 15% cut in real terms to the film organisation’s grant-in-aid over the next four years.

The 27-storey landmark Shell Centre, built in 1961, is the UK headquarters of the eponymous energy conglomerate. A Shell spokesman declined to comment on the BFI project.

In July, Shell announced that the Canary Wharf Group and Qatari Diar Real Estate Investment Company had agreed to redevelop the Shell Centre site.

The mixed-used, £300m redevelopment will comprise office, retail and residential spaces around the central tower, which Shell will continue to occupy.