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But Legal & General LGEN.L said late on Friday it still planned to pay its 2019 dividend.
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The Financial Times reported Bloomberg had signed a deal to buy the site from Legal and General LGEN.L.
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The chief executive of Legal & General LGEN.L will succeed Archie Kane when he stands down in July.
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Institutional investors including Standard Life SL.L and Legal & General LGEN.L sub-underwrote the buy-to-let lender's 400 million pound rights issue earlier this year.
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Metrovacesa said it had reached an agreement with British insurer LGEN.L to cancel the Walbrook project, confirming a report by Reuters late on Friday.
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British insurers Prudential PRU.L and Legal & General LGEN.L have complained that the rules make it harder for them to compete with insurers globally.
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On the upside, insurer Legal & General LGEN.L rose 2.7 percent after traders cited market talk of bid interest from Zurich Financial ZURN.VX.
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L&G's LGEN.L fund manager, one of the biggest investors in UK equities, saw new business climb 155 percent to 52.6 billion pounds over the year.