A competition to modernise the base of Tower 42 in the City of London has been put on hold after the owners decided to sell the estate.

Amanda Levete Architects, Hawkins Brown, Avery Associates and Tony Fretton were tasked with drawing up plans for neighbouring 15 Bishopsgate in a bid to better connect it with the surrounding streets. The project would have seen the creation of a 15-storey building and the improvement of links around the Richard Seifert-designed tower.

LaSalle Investment Management and BlackRock UK hope to sell the estate for at least £290 million.