Tower 42 skyscraper on market for £300m
Prime site: interest in Tower 42 would help London office prices
11 April 2012
Tower 42 is for sale as the prime property market bounces back.
The former NatWest tower is expected to fetch more than £300 million, potentially the largest single sale in the City this year.
Owners Hermes Real Estate and BlackRock's UK property fund, hope to capitalise on a boom in the market in recent months. In some cases asking prices have returned to their peak three years ago.
At 600 feet, Tower 42 is the tallest occupied skyscraper in the City. Values have been boosted by the weak pound and a shortage of good office space.
A deal would be the largest in the Square Mile this year, indicating a growing desire by investors to bid for trophy assets.
Tower 42 was built for NatWest in 1980 and was regarded as the UK's first true skyscraper.
