Tower 42 Goes up For Sale

Tower 42, the very first skyscraper to be built in the main financial district of London, has gone on the market at a discount of three per cent from the price its current owners attempted to sell it for around 17 months ago in 2010.

Funds that are managed by both LaSalle Investment Management and BlackRock Inc are seeking “in excess of” £290 million (which amounts to around US $457 million) for the tower and five other buildings that are situated on the 2.2-acre site, the companies announced in a statement yesterday. Tower 42 is 600 feet (185 metres) tall.

The owners of Tower 42 previously withdrew the commercial property from the market in the August of 2010 despite receiving what they claimed were “significant offers” for the building, which at that time was being offered for over £300 million. At that point, the owners claimed that they were intending to go ahead with their own redevelopment plans for the buildings and also begin to focus on renting space in order to make the most of the rising rents for office space in the City of London and Soho.

At that time, Hermes Real Estate was the manager in charge of the fund belonging to the Royal Mail Pension Plan, which amounts to 50 per cent of the estate’s stake, but they have since been replaced by LaSalle Investment. The value of office space in Central London has been climbing due to growing interest from investors who have been attracted by the growing shortage of such space and the weakness of the pound.

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