Blackstone has hung a “for sale” sign over the 226,000 sq ft art deco City landmark One America Square, EC3, at a substantial mark-up on the price it paid two years ago following an extensive refurbishment.
GM Real Estate and Knight Frank are to market the property with an asking price of around £150m.
A sale at that price would be a vindication of Blackstone’s aggressive strategy to secure value-add assets with repositioning potential in major markets.
A twin track sale and refinance process may also be considered.
Blackstone bought the debt behind the building, which adjoins Fenchurch Street station, for £85m in 2013 from Nationwide Building Society in a deal financed by Morgan Stanley and with a yield of over 8.5%.
Blackstone has secured significant lettings at the EC3 site including a 44,000 sq ft transaction to Chubb Insurance in January.
Other tenants include shipping firm Golar LNG and insurer BMS Special Risk Services.
The private equity giant also owns the Adelphi, WC2, Lacon House, WC1, and Devonshire Square, EC2.
