INDUSTRY NEWS

Tower 42 for sale

The City of London’s tallest completed tower is expected to be put up for sale later this week. The asking price for Tower 42, originally known as the National Westminster Tower, is thought to be in the region of £300 million.

Tower 42 was completed for £72 million in 1980 and is 600 feet high. Seen from above, it resembles the NatWest logo and was initially the bank’s international headquarters. It remained the tallest tower in the City of London until the still-unfinished Heron Tower overtook it at the end of 2009. The building’s 324,000 square feet of prime London office space is 95 percent let to several different tenants for a total of around £20 million per year.

The sale will include a number of other buildings next to the Tower, meaning that a successful sale would be the largest deal in the Square Mile in 2010.

 

Image: Flickr (David Barrie)

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