The City of London granted planning consent in 2011 for an increase in the tower's floorspace by more than 50% from approximately 18,500 square metres to 28,000 sq m as well as the construction of new podium buildings on either side of the tower, increased public space and landscaped roof terraces.
TIAA-CREF selected Stanhope and Mitsui as its preferred bidders for the site following the instruction of property adviser CBRE in April to lead the sale.
“The City of London will increasingly be a market with a limited supply of high quality office buildings and cumulative demand," said Stanhope chief executive David Camp according to reports. "One Angel Court, once redeveloped, will be a high quality and sustainable addition to the skyline with great views across London.”
