JLL will be looking at offers that total more than $343 million.The price reflects a net initial yield of 6.5%. Chris Darroch ofHermes believes the Tower 42 Estate is primed to sell. "There iscurrently strong global interest in trophy assets in Central Londonwhich should enable us to secure some interesting proposals for theTower 42 Estate."


The Tower 42 Estate includes the iconic 324,000-square-footTower 42, which is located at 25 Old Broad St.; the38,000-square-foot 20 Old Broad St.; the 49,000-square-foot 30 OldBroad St.; the 46,000-square-foot 15 Bishopsgate;13,000-square-foot Gibson Hall; and the 3,500-square-foot PlazaRestaurant.


"This represents a unique opportunity to acquire a substantialfreehold estate and renowned Tower office building in a primelocation in the City of London," says Marcus Sperber, managingdirector at BlackRock.


"The Estate offers a significant number of exciting assetmanagement and value add initiatives, including redevelopmentpotential and short term leasing opportunities, at a time whenrents in the City market are clearly on an upward trend."

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