Icon Tower 42 Put on the Market

LONDON-Tower 42, an iconic property in the center of the city is being put up for sale, as well as five other commercial buildings, which form the Tower 42 Estate. Jones Lang LaSalle has been pegged to market the portfolio, which is being put on the market by joint owners BlackRock UK Property Fund and Hermes Real Estate.

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.