Uncertainty Surrounds Office Tenants with News of Gherkin Sale

The London skyscraper 30 St Mary Axe or, as it is more widely known, ‘the Gherkin’ is up for sale. The building is one of the most recognisable landmarks of the London skyline and was opened in 2004.

The Gherkin was designed by Lord Norman Foster and built on the site of the Baltic Exchange shipping market after it was damaged in an IRA bombing in 1992.

The iconic building was put into receivership in April following the news that co-owners of the tower had run into problems related to currency issues.

The 20 current tenants include insurance firm Suisse RE, part owners of the building until recently. Serviced office providers Regus also lease floors on the 28th and 29th floors of the building, with over 27,000sq ft of office space available.

The building is expected to receive offers in the region of £600m to £650m and its sale is expected to attract a wave of overseas buyers. Prospective buyers have already surfaced from the Middle East, Asia and the US.

Responsibility for the sale has been passed jointly to Savills and Deloitte. The 505,000 sq ft office building is to have a dedicated advertising campaign and website for the sale.

Deloitte have stated that the building is in ‘very good order’ and they are looking to close the deal by the end of September or the beginning of October.

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