Wednesday 22 October 2014

Lenders force sale of office block once owned by Patrick Rocca

Published 19/01/2013 | 05:00

A major piece of London real estate once owned by the late developer Patrick Rocca has been put on the market with an asking price of around £76m (€90m).

The Lloyds Chambers, close to the Tower of London is being sold by agents Savills and CBRE.

It is the second time in two years that the Lloyds Chambers office block in the City of London has been on the market.

An effort to sell the property before debts of £89m (€106m) fell due in October 2011 failed.

That meant lenders enforced their security to take control of the building, and have now put the property back on the market.

Tribute

Mr Rocca took his own life in 2009 and news of the death made headlines around the world.

Ex-US president Bill Clinton knew Mr Rocca personally and a 2011 speech by Mr Clinton is regarded as a tribute to Mr Rocca.

"The thing that has troubled me most, believe it or not, about this whole economic crisis in Ireland has been the rise in the suicide rate – not just among the young where it was already too high, but among people in their prime working years who felt somehow their lives have been robbed from them by this.

"A good friend of mine was one of those young, phenomenally prosperous Irish men who took his life when this happened and it made me think about this all over again," President Clinton said.

Mr Rocca paid around €116m for the Lloyds Chambers in 2007.

Irish Independent

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