A new record for the office investment market in London was set in early April when Boston-based Beacon Capital Partners reportedly agreed to acquire the 34-storey Citypoint skyscraper at Ropemaker Street in the City of London for around £650 mln (EUR 957 mln).

A new record for the office investment market in London was set in early April when Boston-based Beacon Capital Partners reportedly agreed to acquire the 34-storey Citypoint skyscraper at Ropemaker Street in the City of London for around £650 mln (EUR 957 mln).

Although Beacon Capital and Tishman Speyer, which owns the building with Schroeders, SITQ and UBS, have declined to comment, the transaction exceeds the EUR 900 mln paid by private investment bank Evans Randall and German fund manager IVG for Swiss Re's 'Gherkin' tower at 30 St Mary's Axe in London's financial district at the end of January this year.

Illustrating the demand for trophy buildings in London, Citypoint was sold only a month after it was put on the market for some £130 mln more than Tishman and its partners paid for it in early 2006.

Citypoint is the third tallest skyscraper in the City of London and the largest commercial office building in terms of lettable floor space - 65,682 m2.