Talk about getting yourself into a pickle. London's most famous cartoonishly phallic building, the Gherkin, or 30 St Mary Axe, has been put up for sale after it collapsed into receivership earlier this year, with a price tag of about £640 million ($1.1 billion.) Lord Foster's masterpiece icon has been embattled by financial trouble for several years, and now financial firm Deloitte has been given the task of selling the landmark, following its appointment as the receiver in April.
London's skyline with The Gherkin. Photo via The Daily Mail
Deloitte was brought into broker a deal after financiers had enough of owners Evans Randall and German firm IVG, who have failed to restructure their debt. The main reason that the building — originally know as Swiss Re Tower — has become financially troubled is that much of its debt was taken against the Swiss franc. As the franc has out performed the pound and the dollar, it has caused turmoil on the books for the owners.
Evans Randall and IVG bought the tower in 2007, after three years of Swiss Re ownership. They first defaulted in 2009, and have now been forced to sell. Marketing of the 40-story, 505,000 square foot office building is about to start, with interest expected to come from all corners of the globe, including Asia and the Middle East. Will you be making a bid?