Bidders are on alert for TPG Angelo Gordon and Endurance Land's circa £350 million office repositioning in the City of London, CoStar News understands.
Knight Frank has been advising on the sale of the offices at The Circus, 1-5 London Wall, with JLL providing advice on a potential hotels element.
Earlier this year, Lend Lease is understood to have gone under offer to buy the 250,000-square-foot redevelopment of the Grade II listed, London Wall Buildings, which occupies a one-acre site on the entire south eastern side of Finsbury Circus. It is thought to have in part been looking to buy the site for its own occupation with a price of around £75 million expected to be paid.
Market sources this week said bidders are now expecting an opportunity to co-invest with Lend Lease to emerge. It remains under offer on the building but is seeking a funding partner. It is also set to take circa 50,000 square feet across two floors for its occupation, relocating from Paddington.
Located within 100m of the Elizabeth Line at Liverpool Street Station, the property provides a 200m frontage onto Finsbury Circus, one of the two open green spaces in the City of London.
Planning permission was granted in June 2020 for a Carmody Groarke-designed scheme which provides for a two-storey roof extension. This will add more than 30,000 square feet of additional net internal area above ground floor together and over 10,500 square feet of roof gardens and terraces.
The plans for the vacant building would also result in two new reception areas with 43,346 square feet of ground and lower ground space with planning consent for E-class uses.
The redevelopment is targeting a BREEAM Excellent building by improving energy efficiency and delivering major embodied and operational carbon savings, amongst other environmental initiatives.
A rolling refurbishment option has also been explored with a new London Wall reception and fully refurbished part first floor recently completed.
The parties involved declined to comment or did not respond to requests for comment.
(This story has been updated to confirm Lend Lease remains under offer but may seek a co-investor).