Plans to sell the second tallest skyscraper in the City of London have been sensationally scrapped by owners Tower 42 Estate.
According to Property Week, the 600ft Tower 42 has been taken off the market, despite attracting a £300 million bid from Joseph Lau’s Chinese Estates Group. Moorfield and Gerald Ronson’s Heron International are also rumoured to have expressed interest in the office building, which was put on the market in April. Tower 42 Estate is made up of funds managed by Blackrock, Hermes Real Estate and LaSalle Investment Manager, who cited rising City rents as the reason behind the withdrawal. (more…)