Blackstone Ups Bid for ‘Can of Ham’ London Tower to £330 Million

Blackstone Inc. has sweetened its offer for London’s Can of Ham skyscraper with a bid of about £330 million ($428 million), upping its wager on rising office rents in the City.

While negotiations to secure exclusivity are in an advanced stage, they could still fall apart because a final agreement hasn’t been reached, according to people familiar with the matter. The previous top bid for the building — an offer of just over £300 million late last year, also from Blackstone — collapsed after falling short of the roughly £322 million asking price.