London’s Gherkin skyscraper has been bought by Brazilian billionaire Joseph Safra for a fee of £700m.

The Foster & Parners-designed building, first opened in 2004 and standing 180m (590ft) high, was acquired by the Safra Group, owned by Safra,

“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,” said a statement from the Safra Group. “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.’

Officially known as 30 St Mary Axe, The Gherkin was awarded the RIBA Sterling Prize in 2004 and was last sold in 2006 for a fee of £600m. Those buyers – Germany’s IVG Immobilien and UK private equity group Evans Randall – had been in default on £395m borrowed to fund the 40-storey tower’s purchase.

The tower offers a number of leisure facilities, including a restaurant and lounge bar with a 360-degree panoramic view of London, as well as a plaza with a wine bar and second restaurant.