Land Securities has exchanged contracts to sell its 95% stake in Times Square, EC4, to real estate funds managed by Blackstone for £268.4m, as tipped by Estates Gazette.
The deal will complete at the end of July.
The 380,000 sq ft office building at 160-162 Queen Victoria Street is fully let to six office tenants, including Bank of New York Mellon and law firm Dechert, until 2023.
Colette O’Shea, managing director of Land Securities’ London portfolio, said: “We have recently carried out some lease regearing activity at Times Square and its sale reflects our strategy of recycling capital into our significant development programme.”
Strutt & Parker acted on behalf of Land Securities; BNP Paribas Real Estate advised Blackstone.
