A pair of trophy assets on either side of the City of London are being readied for sale with a combined price tag of almost £500m.
Deutsche Asset and Wealth Management, on behalf of the grundbesitz europa fund, is seeking a buyer for Tower Place West, EC3 (pictured) with a price tag of £330m, reflecting a 4.57% yield, and capital value per sq ft of £858.
CBRE has won a pitch to handle the sale ahead of rivals DTZ and JLL.
Insurance broker Marsh occupies the entire 384,600 sq ft of building on a 25-year lease which expires in 2028.
The Foster+Partners-designed development was completed in 2002.
Deutsche had previously considered a sale of the asset in 2006 but withdrew it from the market the following year after a portfolio review.
In Midtown, Beacon Capital Partners is also preparing to sell its half share in MidCity Place, WC1. The private equity investor is expected to seek a sum well in excess of £160m for its stake in the building, which it owns jointly with Oxford Properties.
The 349,800 sq ft block is let to tenants including Mitsubishi Corporation, Westfield and Aecom. Beacon bought the entire building from Delancey and Invista in 2007 for £325m, reflecting a 4.25% yield.
It sold a 50% stake to Oxford for £142m in June 2011, reflecting a 5.5% yield.
The move to sell comes after law firm Towers Watson signed a new lease for 14,835 per sq ft earlier this year, bringing the building to 98% let.
All parties declined to comment.
jack.sidders@estatesgazette.com
