Jones Lang LaSalle (JLL) has sold the HSBC Tower in London, in what is believed to be the largest single asset sale in EMEA in 2014.
JLL acted on behalf of the owner, National Pension Service of Korea, which was advised by JP Morgan Asset Management. The asset sold for c.GBP1.18 billion.
The sale ended a 10-month campaign, at the peak of which JLL’s sales team made 50 investor presentations across 14 countries in 10 days.
JLL’s team was led by Andrew Hawkins and Rob Jackson from the City of London office, with participants from the leasing, debt finance, capital markets, marketing and international capital teams assisting.
“The sale is a fantastic result for our client, which originally acquired the asset for £1.026 billion,” says Andrew Hawkins, JLL’s Director – City Investment.
“The result is demonstrative of our collaborative working style and JLL’s outstanding global reach, with every bid sourced via JLL’s network.”
HSBC Tower, the global headquarters for the international banking giant, is a 44-storey office tower located at 8 Canada Square in London’s Canary Wharf percent.
HSBC is the only tenant in the building and has a long-term lease on the asset, which is also London’s biggest office building. The iconic building was designed by Foster + Partners.
GM Real Estate was co-marketer of HSBC Tower.