Mitsubishi Estate London is looking at selling 8 Finsbury Circus, in the City of London, EC2, for in excess of £260m.
Savills has been appointed to find a buyer for the 160,000 sq ft building, which Mitsubishi Estate London and developer Stanhope redeveloped in 2016.
The quoted sale price reflects a yield of 4%.
Designed by architect WilkinsonEyre, it features three terraces, 160 cycle spaces and 18 showers.
Tenants include Swiss asset management firm GAM Holding, which occupies 42,300 sq ft; investment firm Rathbones; consultancy Charles River Associates; and Development Bank of Japan.
It will be the first property Mitsubishi Estate London has sold since 2013, when the firm disposed of the London Stock Exchange’s home at 10 Paternoster Square, EC4, for £235m to Oxford Properties, and one of only a few large assets to hit the market this year in the City.
Elsewhere in the City of London, Mitsubishi Estate London is building its first London skyscraper at 8 Bishopsgate, also designed by WilkinsonEyre.
In an interview with EG earlier this month Yuichiro Shioda, the head of Mitsubishi Estate’s London and European business, said the decision to move forward with the development of 8 Bishopsgate in spite of Brexit showed MEC’s belief in London.
“We are confident in London as it’s a gateway city for Europe, and its fundamentals – such as its education, culture, entertainment, legal system and transparency – mean it will be a good city for us in the future. It still has potential for us,” he said.
“I’m surprised about the depth of tenants in London’s office market, with the rise of the tech and media sector taking over from financial companies.
“Likewise with the capital markets, which attract money from Russians, the Middle Eastern and, more recently, the Koreans.
“London is the most international market, and so this is why we are confident in its future.”
Mitsubishi Estate London’s current portfolio in the capital also includes the soon-to-be completed office building 245 Hammersmith, which it is developing in partnership with Legal & General; Central St Giles, held in parntership with L&G, Warwick Court and 1 Victoria Street.
Mitsubishi Estate London and Savills declined to comment.
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