FOOT & Bowden has bought the Plymouth city centre offices of Television South West for a knockdown u700,000.
The book value of the offices was estimated at u1.25 million.
Joint senior partner Tony Holland says: "This building has enormous potential. It will allow us to plan long-term growth.
"There had been a period of uncertainty as our future accommodation has been under discussion."
The substantial office development will give the firm a presence in the heart of the city and alleviate staff parking problems.
The first to move will be the corporate services division - the largest group out of a total of 130 staff.
The chair of UK Safety, a Bristol-based footwear group which took over the TSW name last year, says the board believes Foot & Bowden's offer is a "satisfactory price in a depressed local property market".
TSW lost the franchise for the broadcasting region to Westcountry TV.
Foot & Bowden had been considering complete redevelopment for its North Hill offices. Completion on the purchase of the new building is scheduled for this month.