By Jamie White – Head of Communications

One of London’s most iconic landmarks – The Gherkin – has been sold to a Brazilian billionaire.

The office tower, which is officially known as 30 St Mary Axe, has been bought by The Safra Group, fronted by billionaire Joseph Safra for a reported £700 million.

The Safra Group said: “The acquisition of 30 St Mary Axe is consistent with our real estate strategy of investing in properties that are truly special – at the best locations within great cities.

“While only 10 years old, this building is already a London icon that is distinguished from others in the market, with excellent value growth potential. We intend to make the building even better and more desirable through active ownership that will lead to a range of enhancements that will benefit tenants.”

The Gherkin, which stands at 180 metres high, was completed in 2004 and cost around £138m to build.

The building’s design – which has won awards – means it is able to maximise natural light, using around 50 per cent less energy than a typical building its size.