London skyscraper set to become UK’s most expensive office block
A London skyscraper is poised to become the UK’s most expensive office block after being put up for sale for £1.8bn, in an acid test for whether the move to remote working during the coronavirus pandemic is expected to last.
The deal for the 37-storey 100 Bishopsgate building in the heart of the financial district, which is home to the law firm Freshfields, the Royal Bank of Canada and the investment bank Jefferies, is expected to surpass the £1.3bn paid for the nearby Walkie Talkie building in 2017 despite an exodus from the City in the past year.
The Canadian asset management firm Brookfield is planning to sell the entire building, which was completed in 2019, the Sunday Telegraph reported. Far Eastern investors, who have been active in London throughout the pandemic, are thought to be the most likely buyers.
The sale comes despite a shift towards working from home during the pandemic. Major companies including Capita, HSBC, Lloyds and Sainsbury’s have all announced plans to downsize or close some of their London offices as more staff choose more flexible working patterns.