London’s distinctive 21-story skyscraper, known affectionately as the 'Can of Ham,' is once again on the market.

70 St.Mary Axe

70 St.Mary Axe

After failing to find a buyer in 2022, the property has been relisted with a significantly reduced asking price of £322 mln (€384.6 mln), down from £400 mln (€477.8 mln).

Owned by Nuveen Real Estate, the tower at 70 St. Mary Axe near Liverpool Street Stations has been a prominent feature of London's skyline since its completion in 2019.

The skyscraper stands at 90 meters tall and offers 28,000 m2 of office space across its upper 20 floors. In addition to its office space, the building also includes 430 m2 of retail space on the ground floor, basement level, and first floor.

Known for its distinctive curved shape, the 'Can of Ham' skyscraper, known for its distinctive curved shape, is fully occupied by tenants including the law firm Sidley Austin, which accounts for 30% of its rental income. Other notable tenants include Samsung Electronics and the National Bank of Canada. The average lease term for these tenants is approximately nine years.

The building's basement level features 360 bicycle parking spaces and 35 shower units, contributing to its achievement of a Gold WELL Being Standard wellness rating.

Despite a recent slump in high-value property transactions, Nuveen has decided to capitalize on growing optimism in the market. It believes that the distinctive 'Can of Ham' tower will attract interest from both domestic and international investors, particularly from Asia.

The decision to sell the skyscraper is part of Nuveen’s larger plan to raise capital for future investments in a recovering market.

The sale of the property is being handled by the real estate firms Newmark and Cushman & Wakefield.