ING Real Estate has withdrawn its 88 Wood Street office block in the City from the market after failing to secure a buyer.
ING had hoped to offload the Richard Rogers-designed property after putting it on the market in April for £240m. This would have reflected a yield of 5.25%.
But as the investment market worsened with less credit available forcing would-be buyers out of the market, ING opted to take the office off the market.
ING had the building under offer twice – to US fund Atlantic Property Partners and then to German open-ended fund SEB, with both bids accepted at well under £200m – but both deals fell through.
An ING spokeswoman told Property Week: ‘We can confirm that Wood Street has been withdrawn from the market.’