US privately held investor and developer Hines is in negotiations to sell its flagship BC Ducat Place III office development project near the Mayakovskaya metro station in Moscow. The business centre, offering some 50,000 m2 of space, could fetch up to $300 mln (EUR 247 mln), according to reports in Russian newspapers.

Sponda, Union Investment, Heitman European Property Partners and Barva-Gazprombank have reportedly made a bid for the flagship building. The list of tenants include Goldman Sachs, Cushman & Wakefield, Clifford Chance, Citibank, and EBRD.

Finnish listed firm Sponda is said to be one of the preferred candidates, having acquired Ducat Place II for $185 mln from Hines back in 2008.

The 14-storey Class-A office complex is fully let and boasts a 'Very Good' rating under BREEAM sustainability standards.

Hines, which has been active in Russia since 1991, is selling the asset to finance the development of its ongoing projects in the country, including the recently-announced Outlet Village Belaya Dacha.