Europe’s largest Islamic bank has leased around 15,000 sq ft at Hines’ Cannon Place, EC4, kicking off the £500m sale of the building.
Bank of London and the Middle East, an independent UK wholesale sharia-compliant bank, will occupy the fifth floor of the 400,000 sq ft office block where quoting rents are £67.50 per sq ft.
The deal leaves 85,000 sq ft available in the building, which completed in 2011, comprising the entire 50,000 sq ft sixth floor and 35,000 sq ft on the seventh floor.
CBRE and Savills will lead a global sales campaign for the building, quoting a price of £500m that reflects a 4.4% yield.
Other Cannon Place tenants include CMS Cameron McKenna, the CBI, Franklin Templeton Investments, Columbia Threadneedle Investments and i2Offices.
Hines UK head Ross Blair said: “Cannon Place is a landmark City office development in a core location. Now the building is close to being fully let we believe thisis the right time for Hines to be bringing this development to the market.”
