HSBC tower may sell for $1.85bn

London Canary Wharf

London's biggest and most expensive office building, HSBC Holdings' global headquarters, is up for sale and could fetch more than £1.1 bn ($1.85bn), according to a report in the Financial Times.

The 44-storey, 1.1 million square foot building based in the city's Canary Wharf district is being marketed by estate agents JLL and GM Real Estate, sources familiar with the matter told the FT.

The HSBC tower was sold at the height of the British property boom in 2007 for £1.09 billion to make it the most expensive building in the capital.

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

HSBC in London could not be reached for comment outside regular business hours.

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