In a $460 million transaction, Axa Real Estate Investment Managers has acquired the London property known as the Pinnacle Tower. Like the “Can of Ham,” London’s Pinnacle skyscraper was put on construction-hold due to a shaky financial situation in 2011, but leaked images suggest that work on the development will begin again.
The tower’s six existing stories—of 63 proposed—will be demolished. At 60 floors, the new structure will be a bit shorter, but will have more than a million square feet that will house commercial space and offices. It will be called 22 Bishopgate, after its East London address, near Liverpool Street Station.
Lipton Rogers will take over the development of the site, while architectural charge will be given to PLP Architecture.
“The acquisition of 22 Bishopsgate represents a significant opportunity to purchase a prime office development site at one of the most desirable office locations in the City of London,” Anne Kavanagh, global head of asset management and transactions at Axa Real Estate, said in a statement.