JLL will be looking at offers that total more than $343 million. The price reflects a net initial yield of 6.5%. Chris Darroch of Hermes believes the Tower 42 Estate is primed to sell. "There is currently strong global interest in trophy assets in Central London which should enable us to secure some interesting proposals for the Tower 42 Estate."
The Tower 42 Estate includes the iconic 324,000-square-foot Tower 42, which is located at 25 Old Broad St.; the 38,000-square-foot 20 Old Broad St.; the 49,000-square-foot 30 Old Broad St.; the 46,000-square-foot 15 Bishopsgate; 13,000-square-foot Gibson Hall; and the 3,500-square-foot Plaza Restaurant.
"This represents a unique opportunity to acquire a substantial freehold estate and renowned Tower office building in a prime location in the City of London," says Marcus Sperber, managing director at BlackRock.
"The Estate offers a significant number of exciting asset management and value add initiatives, including redevelopment potential and short term leasing opportunities, at a time when rents in the City market are clearly on an upward trend."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
