A US pension fund manager has approached a handful of investors and developers regarding the extensive redevelopment of City tower One Angel Court, EC2.
The Teachers Insurance and Annuity Association of America and College Retirement Equities Fund has instructed CBRE to quietly entertain talks regarding the 328 ft tower.
It is understood to be considering entering a joint venture agreement with a UK development partner or selling the building outright.
The major REITs are among those likely to have been approached.
Market sources predicted an outright sale would fetch in the region of £50m but tipped a joint venture as the more likely option.
One Angel Court has planning permission for a major overhaul which would see the brown granite-clad 1970s tower stripped back to core and re-clad in glass.
The plans include the redevelopment of 33 Throgmorton Street, EC2, and redevelopment of the podium to create larger floorplates.
Fletcher Priests designs include increasing the available office space from around 210,000 sq ft to over 300,000 sq ft.
The building is let to JP Morgan which sublets to multiple tenants with leases expiring in September this year.
All parties declined to comment.
Jack.Sidders@estatesgazette.com
