Nuveen has sold the Can of Ham office building at 70 St Mary Axe in the City for around £335 million in a market moving sale for the capital, CoStar News understands.
Alternative investment manager Hayfin Capital Management has bought the building after talks to sell it to Blackstone earlier this year for less - at around £330 million - fell through. A price of £335 million represents a yield of around 5.7%. The deal is the largest sale of a London office building in three years.
Nuveen, the asset management arm of US retirement provider TIAA, first put the “Can of Ham” skyscraper in the City of London up for sale seeking £322.3 million in November of last year.
The sales process was started in a year when there had been few £100 million-plus transactions, something that has changed significantly in 2025.
Cushman & Wakefield and Newmark have advised on the sale of the building at 70 St Mary Axe. CBRE advised Hayfin and Capreon.
The transaction was majority-funded by Hayfin and supported by Capreon, with whom Hayfin has worked on real estate investments since 2017. In addition to its investment, Capreon will also be the asset manager for the building. The acquisition follows Hayfin’s acquisition of Gropius Passagen, Berlin’s largest shopping centre, from Nuveen in September, cementing the two firms’ partnership. Hayfin has deployed over €3 billion into more than 40 real estate deals in Europe and the UK since inception. The transaction also demonstrates Capreon’s continued confidence in the prime end of the UK office market following the firm’s acquisition of the “Technique” building on Goswell Road, London. 70 St Mary Axe also builds on Capreon’s recent deal in the second quarter of 2025 with the municipality of Eindhoven at Brainport Industries Campus.
The building, which has been nicknamed the "can of ham" because of its distinctive tinned-ham shape, offers 360-degree natural light and views of the City. Nuveen was the developer of the 315,639-square-foot 21-storey tower, near Liverpool Street station, completed in 2019.
The development site was bought from Targetfollow in 2010 for the Cityhold Office Partnership, a €2.2 billion pan-European office joint venture vehicle between US pension giant TIAA and Sweden’s AP1 and AP2 pension plans. The partnership is managed by TIAA’s fund management arm Nuveen.
CoStar News revealed in January 2020 that Nuveen Real Estate had recapitalised the TIAA General Account’s interest in the Cityhold Office Partnership, with TIAA selling down half of its initial 50% interest in the venture to CBRE GIP, representing a value of €625 million (£529 million). It previously tried to sell the building in 2022 for around £400 million.
The building is fully let to 13 tenants, with a weighted average lease length of eight years. They include law firm Sidley Austin, National Bank of Canada, AIB and Samsung Electronics.
Carlos Colomer, managing director at Hayfin, said in a statement: “70 St Mary Axe is a truly landmark London office building and an attractive addition to our real estate portfolio. This prime asset has an iconic design and outstanding location. Occupier demand for top-tier City offices with strong sustainability credentials remains robust, tracking significantly above the long-term average, with the number of jobs in the Square Mile having risen by 25% since 2019 while future supply declines. This investment provides us with high-quality exposure to this market, through a state-of-the-art space that supports collaboration and meets the needs of its tenants. We look forward to being continued stewards of this exceptional building after a highly successful period for the asset under Nuveen’s ownership.”
Raphael Noe, CEO at Capreon, said: “We are pleased to be investing in 70 St Mary Axe, an iconic Grade A building that reflects the quality and long-term value we seek across our portfolio. We are delighted to work with Hayfin again, a long-term partner, and to have completed another smooth transaction with Nuveen. The building’s strong ESG credentials, high-quality amenities and focus on occupant wellbeing position it well within a market where demand for best-in-class workspace remains resilient. We look forward to applying our asset and investment management expertise to support the continued performance of this exceptional asset.”
Liz Sworn, fund manager at Nuveen, added: "After recognising the site's potential, we aggregated the land originally owned by TIAA-CREF, secured planning consent, and achieved practical completion in Q1 2019. Since opening, we established this landmark property as a premier Grade-A office destination with full occupancy, high-quality tenants, and best-in-class sustainability standards. The sale proceeds will be reinvested into other market opportunities, and we look forward to our continued partnership with both firms."
Macfarlanes and CBRE advised Hayfin and Capreon on the transaction. Clifford Chance, Cushman & Wakefield and Newmark acted on behalf of the vendor. Santander and CaixaBank provided debt financing for the transaction.
[This story has been updated to include commentary from Hayfin, Capreon and Nuveen.]