Plantation Place South 'now on the market'
Plantation Place South has been put on the market for £144 million.

The building of City offices is located at 60 Great Tower Street and is home to many financial and insurance companies, including Liberty Mutual. CoStar News recently reported the insurer is considering a move from the skyscraper to the Walkie Talkie Tower at 20 Fenchurch Street.

It has also revealed that CS Euroreal, the private investor open real estate fund of Credit Suisse, has appointed a seller to offload the asset. The fund has been considering the sale for some time and the positioning of Plantation Place South on the market will be welcomed by the City.

Other tenants in the 161,000 sq ft premises include Beazley and Royal & Sun Alliance.

Credit Suisse has enjoyed London commercial property investment success during the first few months of 2012. In February, it sold 1 Cabot Square at Canary Wharf for more than £325 million. The 540,000 sq ft building of London offices was purchased by Qatar Investment Authority.

Plantation Place South is likely to have competition from the Canary Wharf Group and Land Securities' Walkie Talkie tower.

Not only is Liberty Mutual considering between 60,000 and 80,000 sq ft of City offices at the Fenchurch Street development, but Markel is also in advanced talks to snap up 80,000 sq ft out of a potential 695,800 sq ft, CoStar News noted.

This would mean a move away from its current headquarters at 49 Leadenhall Street. In addition, Royal & Sun Alliance is thinking about taking up as much as 130,000 sq ft of new offices at the skyscraper, with leases at Leadenhall Court and Plantation Place 1 set to expire in 2014.

The Walkie Talkie skyscraper, consisting of 37 floors, is scheduled for completion in the same year. When finished, it will also offer 14,000 sq ft of retail space.

Posted by Sarah Dudley

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