The hefty price reflects the credit strength of the tower's sole tenant, Citigroup, which has a lease for the entire building that runs to 2026. In a July 2 GlobeSt.com article announcing the agreement, industry sources reported the rental income for 25 Canada Sq. to be approximately $93 million annually. The capitalization rate on the sale was estimated at 4.5%.

Beyond acknowledging the deal has finally been consummated, parties involved did not comment on the transaction. Previously, however, Quinlan Private founder Derek Quinlan said his firm was attracted to the property due to its reputation as one of London's best addresses in both quality and location, as well as the prime credit tenant. The tower is a creation of renowned architect Cesar Pelli, whose firm also designed 1 Canada Sq. and the nearby 40 Bank St.

Dublin-based Quinlan Private is an internationally known private equity and property group founded by Derek Quinlan in 1989. The operation now manages nearly $17 billion of assets. The firm's partner in 25 Canada Sq. is also a private entity active whose focus is on the UK. Founded by principal owner Glenn Maud in 2001, Propinvest has a $3.8-billion portfolio in the UK and another $740 million in continental Europe and Scandinavia.