Noel joined the FTSE 100 company as managing director of its London portfolio in 2010 and became the CEO in 2012. He previously held roles at peer Great Portland Estates Plc.
His departure comes when the company that owns and manages the Piccadilly Lights, and retail destinations in high-end locations such as Westgate Oxford and Trinity Leeds is facing a tough retail environment.
Land Securities in May reported a bigger annual loss due to a steep decline in the value of its assets, as a string of collapses on Britain's high street led to higher vacancies.
The company, which manages the Bluewater shopping centre in southeast England, said Noel will continue in his role until his successor is appointed and the board has started a formal search process.
(Reporting by Samantha Machado in Bengaluru; Editing by Gopakumar Warrier and Arun Koyyur)