First, my apologies to Gleff, I had meant to put this post in the BA Forum instead of Miles Buzz. Secondly, thanks to everyone who responded to my inquiry. I booked two roundtrip coach tickets for $350.00. The cost of the two business class tickets would have been $1150.00. For the $800.00 difference I will give up the Terrace Lounge and the 500 BA miles.
As an aside, when I tried to book these tickets on the BA website I was unable to do so. When I logged into the US website, it only provided for US departure cities. I then logged into the UK website, however it would not accept my US credit card. Hence, I booked the tickets through Expedia