British Land’s crown jewel in London, the sprawling office complex of Broadgate, may soon be sold out to an American investment group named Blackstone. The complex – one of the most impressive in the 80s – has ruled in the real estate market throughout the 90s until the period of the recent slump.

Built above the Liverpool Street railway tracks by Lipton and Bradman, the complex consists of 3 million square feet of prime desk space. The property, which is one of the city’s commercial landmarks and along with 201 Bishopgate commands prime rates, has a long list of tenants even in the current economic downturn.

Though Broadgate was a crowning achievement for Lipton and Bradman, this finest example of property regeneration heralded the downfall of the company when Bradman had to resign as chairman the day after he took the Queen around the property on a tour. Four years later, the company was taken over by Sir John Ritblat on behalf of British Land and Broadgate was one of the assets transferred. Since then, fifteen years have passed and the property is again set to change hands.

British Land’s difficult financial situation has forced the company bosses to put up all of the company’s properties for sale, including Broadgate. Investors in the company have been asking for a high valuation of the commercial property, as it is not only a landmark but also the crown jewel in British Land’s real estate assets. The sale is likely to generate significant revenue for the company that will help reduce its debts.