Dubai-based investor Istithmar is preparing to bring its 306,000 sq ft Adelphi building just off the Strand, WC2, back to market next month.
The firm will shortly re-instruct CBRE to seek offers in the region of £280m – a 6% yield – for the West End block.
Adelphi had been under offer to US investor Perella Weinberg until November last year, but the deal collapsed.
The planned new attempt to offload the block comes as one of its main tenants, the Department for Work & Pensions, has instructed agents to dispose of its 160,000 sq ft in the building.
It has appointed Farebrother and Lambert Smith Hampton to find a tenant as soon as possible to sublet the six floors it has occupied at the block since 2007.
The DWP will move to Caxton House, SW1, in May, where it already leases 48,179 sq ft, and will take “a relatively small amount of extra space”, according to sources close to the deal.
The move is in line with the government’s plans to streamline its £370bn public sector estate. Most recently, the secretary of state for the environment instructed agents to find tenants to let its 90,000 sq ft offices at 22 Kingsway, WC2.
The DWP’s lease at the Adelphi expires June 2013.
