Mitsui has instructed agents to sell 70 Mark Lane, EC3 – a £200m scheme it completed three years ago.
The island site, which is the headquarters of Zurich Insurance and Miller Insurance, would be the Japanese conglomerate’s first Central London sale of a developed building; proceeds will be recycled into new projects.
Agents at Cushman & Wakefield are selling the block for around £200m, which equates to around a 4.5% yield.
Vendors of these well let “trophy” assets in the City are expected to be buoyed over the coming months by the sub-4% yields being achieved elsewhere – most notably, at City landmarks such as the Walkie Talkie and the Cheesegrater.
Delivered in partnership with Stanhope, the Bennetts Associates-designed building was 90% let on completion in 2014.
Rents at the 181,223 sq ft block, near to Fenchurch Street station, average £57 per sq ft. It is currently fully let and has an average lease term of more than 10 years.
To send feedback, e-mail nick.johnstone@egi.co.uk or tweet @n_johnstone or @estatesgazette
