Scottish Widows Investment Partnership and the Teachers Insurance and Annuity Association of America are to sell 5 Aldermanbury Square, EC2.
GM Real Estate and Jones Lang LaSalle have been appointed to market the building for around £225m, reflecting an initial yield of 5.25%.
Occupiers of the 270,000 sq ft block include BNP Paribas Real Estate which inherited a long-term lease from Fortis Bank, which it purchased in 2009.
The agent will market more than 100,000 sq ft at the building after deciding to move to a new headquarters at King’s Cross, NW1 in 2015.
TIAA paid £72.9m for a 50% stake in three SWIP London developments in 2002, including 5 Aldermanbury.
jack.sidders@estatesgazette,com
