Legal & General confirmed it has put its freehold interest in Bloomberg Place on the market, after more than 60 years of ownership.
News of the sale comes after the vast 3.2 acre site, designed by Foster + Partners, hosted a topping out ceremony earlier this month to mark building’s near halfway completion, attended by the media giant’s founder and former New York mayor Michael Bloomberg and Lord Foster.
Bloomberg, which owns the long leasehold interest, will relocate from their current offices in Finsbury Square once the building is completed in 2017.
It will comprise of two buildings connected by a linking bridge and house a 250-seat theatre, 18 restaurants, 4600 desk spaces and a new entrance to Bank Underground station.
Nigel Fox from Capital Real Estate Partners who is leading the sale said it is the first time the freehold has been offered to the market since the 1950s.
“This is arguably the most interesting and one of the rarest property holdings I have had the privilege of being involved in,” he said. “It will appeal to risk adverse investors who want to secure the very best assets for their future generations.”
The scheme, located next to Walbrook Square, is also particularly interesting because it sits on top of an ancient Roman temple of Mithras, which will be moved into a new museum space attached to the headquarters. Over 14,000 artifacts have been discovered at the site, the earliest dating back nearly 2000 years.
LGP said the interest for sale comprises a lease to Bloomberg for a further 241 years and is expected to generate a total initial income of £2,830,000 per annum, part of which is payable for the entire outstanding term of the lease.