Hines has instructed agents to sell a 225,000 sq ft Canary Wharf office block at 1 Westferry Circus, E14.
Cushman & Wakefield and JLL are seeking offers in excess of £123m for the building, reflecting a net initial yield of 5.15%, or £548 per sq ft.
The nine-storey building is fully let to occupiers including De Vere Venues, Littlejohn and Valero Energy.
Hines Global REIT bought the building in 2013 from the Teachers Insurance and Annuity Association of America for £83m – a net initial yield of circa 7%. At that time it was only 60% let.
Ross Blair, senior managing director and head of Hines UK, said: “We are incredibly enthused by the continued advancement of Canary Wharf as a destination and look forward to the opening of The Elizabeth Line in 2018. We are recycling capital within our portfolio to meet requirements on other projects”.
Earlier this week, Hines announced the commencement of a large scale refurbishment programme on its rebranded building The Cabot, E14, close to Westferry Circus.
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