Russian billionaire Roman Abramovich announced intentions of buying one of the largest top-end office complexes in Moscow for USD800 million. This deal, if successful, represents Russia's second-largest office deal. White Gardens, the property to be purchased, is a development comprising two buildings in Moscow's business district. It is the second stage of development for the White Square complex, which was recently bought by O1 Properties for about USD1 billion.

The complex features 64,000 square meters of space, with one-third already leased. Tenants include law firm Baker & McKenzie and private equity firm Baring Vostok. Moscow property consultants estimate completion of the complex by 2014.

The sellers of the property belong to a consortium of developer AIG/Lincoln and Russian bank VTB Capital. Sources close to the deal said that the sellers are close to concluding a sale to Abramovich's investment vehicle Millhouse.

Rents for top-end office space in Moscow have risen to USD1,150 per square meter per year from around $700 in 2009 but have yet to reach the levels seen before the 2008 financial crisis.