A London office block once owned by Brian O’Donnell’s Vico Capital has been put into receivership. Vico Capital was taken over by Morgan Stanley last April because a €100 million debt could not be repaid by the now-bankrupt O’Donnell.

Vico bought 15 Westferry Circus for £134.75 million in 2006 near the height of the property boom. It was part of a €1 billion property empire built up by Mr O’Donnell in Ireland, Britain and elsewhere.

The property was placed into so-called special servicing – where loans in danger of going into default are given particular attention – by Morgan Stanley in April. The receivers intend to revalue the building – estimated to be worth £145m by Savills in 2006 – before putting it up for sale later this year.