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14/09/2011

Tower 42 put up for sale

Blackrock and LaSalle Investment Management have announced they intend to sell the iconic Tower 42 located in the City of London

Formerly known as the NatWest Tower, the 600ft office property – once London’s tallest building – has been put up for sale with an asking price of £290m.

The tower is one of six commercial buildings owned by the funds with a “for sale” sign in the lobby. It is considered a prime asset, given the current strong market for office space and the building’s identity. The asking price represents around a seven percent initial yield on the tower, which is currently 95 percent let.

Tower 42 was put up for sale in April 2010 but withdrawn from sale five months later having failed to attract a buyer.

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