AXA Investment Management – Real Assets has instructed agents to find a buyer for 6 Bevis Marks, EC3, the 172,000 sq ft City office block it speculatively developed with MGPA and Hypothenbank.
Cushman & Wakefield and JLL have been appointed to seek bids in excess of £225m for the building, a 4.5% yield.
The Fletcher Priest-designed scheme comprises 160,000 sq ft of offices and 12,000 sq ft of ground floor retail.
It is multilet to 12 tenants including law firm Browne Jacobsen and i2 Offices with a small amount of vacancy remaining.
Rents in the building are as much as £75 per sq ft on the top floors and quoting rents on the remaining space are £65 per sq ft.
JLL and Deloitte Real Estate are leasing agents on the building.
A sale would cap a highly successful programme of developments started by AXA earlier in the cycle which included Sixty London, EC1, St Paul’s Churchyard, EC4, and the funding of 6 Pancras Square, N1, all of which have been fully leased.
The investment manager will this year embark on its most ambitious London development to date, working with Lipton Rogers on the speculative development of 22 Bishopsgate, EC2, which is currently the tallest consented tower scheme in the City of London.
AXA declined to comment.
