American investment banking firm Morgan Stanley’s Canary Wharf office space at 25 Cabot Square is understood to have been put under offer, according to Property Week.
The company’s intentions to sell the building were outlined at the end of last year (2013), when it appointed a real estate adviser and gave the property an asking price around £200 million.
The offer is understood to have come from international real estate investment, development and management company, Hines, on behalf of Hines Global REIT. The firm has reportedly paid close to Morgan Stanley’s asking price.
A 17-storey office building, 25 Cabot Square was designed by American architectural company, Skidmore, Owings & Merrill, and provides 448,000 sq ft of office space in London. Morgan Stanley moved into the building shortly after its completion – in 1992. It previously featured an enclosed footbridge leading from the first floor of the building to 20 Cabot Square. However, this feature was removed after the banking firm left the building in 2010. Barclays Capital currently occupies 20 Cabot Square.
Once the deal for 25 Cabot Square has been concluded, Morgan Stanley is expected to sign a new lease, enabling it to remain at the Canary Wharf office building for a further 15-years.
Canary Wharf is also the home of the company’s European headquarters – the 546,500 sq ft 20 Bank Street building.
By: Kirsty MacGregor
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