Santander has put the London headquarters of its Abbey subsidiary under offer at £115m.

The Spanish bank is buying the building, 2-3 Triton Square in Euston, from British Land in a deal reflecting a net initial yield of around 7%.

British Land put the building on the market for £120m last month as a part of its cash raising exercise to position itself securely in the difficult market.

The 200,000 sq ft building, part of British Land’s Regent’s Place 1m sq ft development, is let to Abbey until 2022. Abbey pays £40/sq ft.

Santander took over Abbey in 2004 and will rebrand the bank as Santander in 2011.

Jones Lang LaSalle advised British Land and Santander was unrepresented.