CBRE has been hired to seek roughly £330 million for 10 Gresham Street, equivalent to about $445 million, per people who asked not to be named because the process is private. In 2012, the building changed hands to a Malaysian state pension fund for £200 million. CBRE representatives declined to comment.
London's office market seized up when interest rates began rising a few years ago, and the sharpest drop in deals has been in larger assets that usually attract big institutional buyers looking for steady returns. There were early hints of a rebound this year as investors grew hopeful rates would start to fall. Then the conflict in the Middle East undercut those expectations, prompting some would‑be sellers to wait it out. A sale at this size now is a real-time check on appetite for trophy City offices.
Two years ago, after announcing plans to exit Canary Wharf, Moody's selected offices at 10 Gresham Street. During the same timeframe, firms based in the eastern business district - among them HSBC Holdings Plc and the law firm Clifford Chance - were swapping Canary Wharf locations for sites in the City. More recently the trend flipped, exemplified by Deutsche Bank AG committing to lease space in Canary Wharf.
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A £330 million listing in the City is a clean read on demand for big-ticket offices at a moment when optimism about rate cuts was knocked back by the Middle East conflict. If trading in large buildings stays thin and occupier tastes keep toggling between the City and Canary Wharf, pricing could remain patchy. That matters if you hold funds or REITs tied to London offices, because rent durability and eventual exit values hinge on where demand shows up next.
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