The 600-foot tall tower is currently 95 per cent leased and according to the owners achieves ‘market-leading rents’.
An asking price of GBP 290 million has been set for the building, which since being built in 1980 has been one of the most recognisable buildings in London. It was originally built as the headquarters of NatWest Bank.
When Tower 42 originally was put up for sale last year an asking price of GBP 300 million was being asked. Tower 42 cost GBP 70 million to construct.
Reportedly the tower has been viewed by over 40 potential buyers, including the tycoon Gerald Ronson.
“With limited supply and increasing demand exerting upward pressure on rents in the City market, investors can anticipate strong returns and considerable long-term growth potential,” said BlackRock Managing Director Jeff Morton.
“The property affords not only high-profile asset management initiatives but redevelopment and refurbishment potential alongside short-term lettings of vacant space,” he added.
Among the tenants of the building are Boston Technologies Inc., Meditor Capital Management and Pillsbury Winthrop Shaw Pittman.
International flexible workplace provider Regus also rents office space at Tower 42. It then subdivides the space to provide private serviced offices and coworking desks for multiple occupiers. The space it offers is attractive to many companies because it provides a flexible alternative to an office lease and offers all-inclusive rental fees.
Find out more about Regus Office Space
Tower 42 is the fifth largest building in London and contains both Grade A office space and restaurants.
Originally named the National Westminster Tower, from above, the building looks like the NatWest logo of three chevrons interlinked.
Located on 25 Old Broad Street, the tower was designed by Richard Seifert and engineered by Pell Frischmann. It was formally opened in June 1981 by Queen Elizabeth II.
Tower 42 held the mantle of the tallest building in the City of London until 2009 when it was superseded by Heron Tower.
Editor’s notes: When The Shard was completed in 2012, it became the tallest building in London.
As of July 2023, the tallest office tower in the City of London was 22 Bishopsgate also known as The Pinnacle and TwentyTwo.
The second tallest was Heron Tower also known as 110 Bishopsgate and the 3rd tallest in the City of London was The Cheesegrater office tower.
The 4th tallest was The Jenga also known as 8 Bishopsgate and The Scalpel was the 5th.
At the time, Tower 42 was the 6th tallest building in the City of London.
It was reported in December 2011 that South African businessman Nathan ‘Natie’ Kirsh had purchased Tower 42 for GBP 282.5 million.
As of July 2023, there was 26,221 square feet of office space availble to rent at Tower 42 out of the total of 324,000 square feet.