LAND SECURITIES has sold the Times Square building in the City of London to real estate investor, Blackstone.

The £268.4 million deal is for Land Securities’ 95% stake in the propertyat 160 – 162 Queen Victoria Street.  Completion of the sale is due to take place by July.

Times Square is fully let and includes Bank of New York Mellon and law firm Dechert as its tenants.

Colette O’Shea, Managing Director, London Portfolio at Land Securities, said: “We’ve recently carried out some lease regearing activity at Times Square, and its sale reflects our strategy of recycling capital into our significant development programme.”

Anthony Myers, Head of Real Estate Europe at Blackstone, said: “This is our fourth investment in London as part of Blackstone Property Partners’ Core+ strategy, following the most recent acquisition of 125 Old Broad Street. Times Square fits the Core+ strategy extremely well as a high quality, well-leased asset in the centre of a global gateway city.”