Land Securities and US group Tishman Speyer were this week going head-to-head to buy London's landmark Shell-Mex House

Britain’s biggest quoted property group has significant holdings in the Strand area and would be looking to increase its exposure, while Tishman supremo Jerry Speyer is renowned for collecting trophy assets.

However, at £470m-£480m, the price being bid is some way off the £520m that Shell-Mex owners the Tchenguiz brothers and Jack Dellal were hoping to achieve.