LONDON-BlackRock UK Property Fund and LaSalle Investment Management have again put up the 435,000-square-foot Tower 42 Estate office complex here for sale for $457 million. Blackrock and Hermes Real Estate had put up the former National Westminster Tower for sale in early 2010 for $473 million, but a sale to Chinese Estates Group was canceled, and the property was pulled from the market.
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.
The main tower is more than 600 feet tall, and is 95% occupied, according to a statement from the tower owners. The entire property is about 2.2 acres. Jones Lang LaSalle will market the site.
In the statement, Blackrock Managing Director Jeff Morton said that the property is in a key city location. “With limited supply and increasing demand exerting upward pressure on rents in the City market, investors can anticipate strong returns and considerable long term growth potential,” Morton said. “The property affords not only high profile asset management initiatives but redevelopment and refurbishment potential alongside short term lettings of vacant space.”
The cost to construct the tower in 1971 was reportedly $114 million. Current tenants of the 42-story tower include Boston Technologies Inc., Meditor Capital Management and Pillsbury Winthrop Shaw Pittman.
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