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LONDON-According to reports today, the HSBC Tower here could sell for $1.27 billion. Two joint ventures are dueling for the iconic property, with a couple of other companies waiting in the wings should deals fall through. The two contenders are a South Korean consortium, which is being advised by JP Morgan Asset Management in London, and a Malaysian group.

According to the Korean Times, The National Pension Service of Korea has offered $1.25 billion for the property. The full story can be read here.

The Canary Wharf class A office tower rises 42 stories and totals 1.1 million square feet at 8 Canada Sq. HSBC has occupied the property since 2002, and has considered London its headquarters since the 1990s. CB Richard Ellis represents HSBC in London.

Although HSBC announced last week that it would move the office of the CEO to Hong Kong by the beginning of February 2010. The move is indicative of the growing dominance of the Asian markets. HSBC Holdings Plc, the holding company for HSBC, will remain stationed in London.

As GlobeSt.com reported in 2007, HSBC completed a sale-leaseback deal with the Spanish company Metrovacesa SA, selling the property for $2.2 billion. Once the market began to decline, the value of the property dipped and HSBC repurchased the property from Metrocacesa for less than it sold the building for.

The Financial Times first broke the HSBC Tower sale story over the weekend. To read the report click here.

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