THE SECOND tallest building in the City of London has been sold for £1.15 billion.

Contracts have been exchanged between joint developers British Land and Oxford Properties and purchaser CC Land for the sale of the 46-storey Leadenhall Building.

Tim Roberts, Head of Offices and Residential, British Land, said: “British Land and Oxford Properties took a bold step at the early stages of the UK’s economic recovery to develop The Leadenhall Building to generate a high quality, long term income stream. It’s a decision which has really paid off. Through a strong, collaborative partnership, we have delivered an iconic, award-winning building let to high calibre occupiers at record City rents. This sale shows continued investor appetite for best in class, well located property in London.”

The 736-feet tall skyscraper, which provides 610,000 sq ft of office space, is often referred to as the Cheesegrater because of its striking, sloping design. The three-year construction of the tower was completed in 2014 and it has attracted tenants including insurers Aon and MS Amlin.

The sale still needs final approval from the shareholders of Hong Kong-based C C Land which has an existing development portfolio mainly in Western China.

Related: Office space in London