Brookfield Properties has put its Citypoint office tower in London up for sale for $£500 million, according to multiple reports.

The sale attempt comes as Toronto-based Brookfield faces a £460-million debt renewal secured by the 36-storey building, according to the Financial Times and other media outlets.

Brookfield faces a January 2025 maturity date after extending its loans tied to the property for 12 months, the FT reported. A person close to the sales process told the FT that Brookfield decided to sell the asset because it sits in one of the firm’s older investment funds, which has performed well and is selling its final investments.

According to the reports, the building is the largest office to be brought to the London market this year as the local sector starts to recover from a two-year downturn. But a £500-million sale price would be below the the building’s March 2023 valuation of £670 million included in loan documents, the FT reported.

Pictured: Gryphon Property Partners