Malaysian sovereign wealth fund Permodalan Nasional Berhad is considering selling Linklaters’ current headquarters at One Silk Street, EC2, nearly two years after withdrawing it from sale.
Potential buyers are currently being shown around the 456,752 sq ft property, according to sources.
Linklaters is understood to be in advanced talks to relocate to 20 Ropemaker, EC2, which is being redeveloped by CO-RE on behalf of Old Park Lane Management, once its lease expires in 2026. The firm has been in the building since 1995.
PNB previously appointed Knight Frank in September 2017 to sell the building for £400m, pitching it as a possible 38-storey mixed-use redevelopment opportunity. The asking price reflected a net initial yield of 4.71%.
However, PNB could still decide to redevelop the property itself as it is doing with One Exchange Square at 175 Bishopsgate, EC2. EG reported last week that the firm has appointed LaSalle Investment Management to lead on a revamp of the building once the European Bank of Reconstruction and Development moves to Canary Wharf in 2022.
PNB bought One Silk Street from Beacon Capital Holdings in 2011 for £350m, according to Radius Data Exchange.
PNB did not respond to a request for comment.
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