The owners of the Aldgate Tower, E1, have put the building up for sale for £350m as they look to secure finance for the construction of the adjoining Beagle House development.
Starwood Capital-backed Aldgate Tower Investments has appointed Cushman & Wakefield to advise on the sale of the 320,000 sq ft tower, which was developed speculatively and completed last year.
Tenants in the 16-storey building include Uber, WeWork and Tag Worldwide.
The majority of the building is now let or under offer with negotiations ongoing for the remaining couple of floors.
The average rent across the building is around £50 per sq ft, with more recently agreed lettings at more than £60 per sq ft.
Cushman & Wakefield head of central London capital markets James Beckham said: “The structure of the London office market has now changed for good. With the area surrounding Aldgate Tower maturing, this is the first opportunity to buy a prime asset in this new business district.”
The proceeds from the sale will be ploughed into the redevelopment of Beagle House into a 375,000 sq ft tech-oriented office scheme.
The 24-storey development was approved by Tower Hamlets council earlier this summer.
jack.sidders@estatesgazette.com
