Swiss Re sells the Gherkin

LONDON— Swiss Reinsurance Co. has sold 30 St. Mary Axe, its iconic London office building, to an affiliate of German real estate corporation IVG Immobilien A.G. for £600 million ($1.18 billion).

The deal will be completed this month.

30 St Mary Axe, the 41-story building in the City of London nicknamed the "Gherkin", opened in late 2003 and was designed by Foster and Partners.

Swiss Re will continue to occupy the building and chose IVG Immobilien AG for its "excellent track record in managing properties," according to a statement from the reinsurance company.