China Overseas Land & Investment is close to signing a deal to acquire the freehold of the Grade II listed block, designed by Sir Edward Lutyens in the 1920s for BP, then known as the Anglo-Iranian Oil Company.
The sale comes just 18 months after Invesco bought the 210,000 square foot property from Hermes Real Estate and LaSalle Investment Management for £141.5m.
Tenants include law firm Stephenson Harwood and Alvarez & Marsal, the restructuring experts.
Foreign first-time buyers have been flocking to the London office market seeking stable assets with long-term incomes amid the uncertainty in the global financial markets.
Last year overseas investors accounted for 60 per cent of total turnover in central London of £9.1bn.
Foreign first-time buyers accounted for a third.
In October, the property arm of Japanese telecoms firm Nippon Telegraph & Telephone Corporation bought 20 Finsbury Circus for £42.5m.
China Overseas is a subsidiary of China State Construction Engineering Corporation. The high-end developer is listed in Hong Kong and has a market value of HK$188bn (£15bn).
It is being advised by CBRE.