Goldman Sachs is seeking bids of £1.3bn for the sale and leaseback of its new London headquarters.
The bank has appointed CBRE and Eastdil Secured to advise on the sale of the 840,000 sq ft office building it is developing at 40 Shoe Lane, EC4, where it is due to move staff in 2019.
The proposed sale price represents a net initial yield of 4%, which represents an indicative rent of circa £70 per sq ft. Goldman Sachs will take a 25-year lease on the building with a lease break option at 20 years.
The only comparable lot size currently being sold in the City is the 710,000 sq ft UBS headquarters at 5 Broadgate, EC2.
However, after initial discussions to buy the entire building from GIC and British Land for around £1.1bn, reflecting a 3.4% net initial yield, Abu Dhabi sovereign wealth fund Mubadala Investment Company is now in advanced discussions to buy a 40% stake in the building for around £430m.
All parties declined to comment.
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