Teachers Insurance and Annuity Association of America is to sell its 360,000 sq ft interlinked buildings at 1 & 7 Westferry Circus, Canary Wharf, E14.
Jones Lang LaSalle has been retained to sell the buildings for the US fund for a total of £155m, reflecting a yield of 8.14%, or £384 per sq ft.
The buildings, which could be sold separately or as a pair, were acquired by TIAA-CREF seven years ago.
Texaco is the principal occupier at 1 Westferry Circus, which is available for £92.5m, reflecting a 6.6% yield or £414 per sq ft.
The building is 60% let at an average rent of £26 per sq ft with a weighted average unexpired lease term of 8.75 years to the next break.
The smaller 7 Westferry Circus is being sold for £62.5m, reflecting a 10.4% yield or £348 per sq ft.
It has a weighted average unexpired lease term of 2.75 years to expiry.
jack.sidders@estatesgazette.com
