HSBC tower, London's most expensive office building, up for sale

London's largest and most expensive office building, HSBC Holding Plc's global headquarters, is up for sale and could fetch over 1.1 billion pounds ($1.85 billion), a record price for the British market

According to sources quoted by a report in the Financial Times, the Canary Wharf-based 44-storey, 1.1 million square foot building is being marketed by estate agents JLL and GM Real Estate.

HSBC, GM Real Estate and JLL could not be reached for comment outside of regular business hours.

At the height of the British property boom in 2007, the HSBC tower became the most expensive building in London when it sold for 1.09 billion pounds.

The FT report said HSBC had a 13-year lease on the building and is committed to annual upward-only inflation-linked rent reviews, citing sources familiar with the tenancy arrangements. This would make it an attractive proposition for investors seeking a hedge against inflation.

(Reuters)