Confirming recent media reports, Capital & Counties Properties Plc said it is in talks for the sale of the Empress State Building in London with the asset's occupant, the Mayor's Office for Policing and Crime.
Property Week reported Feb. 15 that the real estate investor and developer is close to divesting the 31-story tower, part of the 77-acre Earl's Court development, for a price understood to be in the region of £240 million. The price tag is higher than the asset's most recent valuation of £226 million, the report added.
Meanwhile, the company also noted in a release that a potential deal could also include a lease extension for the Office for Policing and Crime. The lease on the tower is set to expire in 2019, PW added.