LONDON (Bloomberg) — An undisclosed, Bermuda-based private investor has bought a 12-floor office building in London for £208 million ($337 million).

Songbird Estates Plc sold the building in the Canary Wharf district, which is occupied by JPMorgan Chase & Co.

The property at 5 Churchill Place has 314,000 square feet of space, London-based Songbird's Canary Wharf Group Plc unit said yesterday in a statement. Ten floors are used by JP Morgan Markets Ltd., which pays £10.6 million a year.

Songbird, which controls more than half the buildings in the 97-acre Canary Wharf estate, is bolstering its balance sheet after the worst commercial property slump in more than three decades drove down the value of its holdings. The company announced plans to raise £1.03 billion in shares and debt in September, and Qatar Holding LLC became its largest investor a month later.

"This looks a good deal for Canary Wharf," Carl Gough, a London-based real estate analyst at JPMorgan Cazenove Holdings said yesterday in a note. The transaction "shows the strength of investor demand for prime well-let buildings".

The building, completed in August, was valued at £170 million on September 14, according to Songbird's prospectus for its share sale. Canary Wharf Group agreed to pay the buyer a total of about £16 million in rent support and other costs, according to Gough. The company didn't provide further details on the buyer.

"The disposal is consistent with the objectives of CWG, which include active management of its real estate portfolio and the realisation of value through sales and/or refinancings of certain buildings whilst controlling key aspects of the Canary Wharf Estate," Songbird said.