Office

"Their commerciality is based on many years of knowing us and the industry. They are an extension of our own business."
Chambers UK

Our experience in this sector includes advising:

• The Cooperative Group on its £800m joint venture with Hermes Real Estate to deliver the UK's biggest regional redevelopment project, the NOMA scheme at 1 Angel Square, Manchester. As sole legal advisers, our role included advising on the structuring of the joint venture, all property aspects including the contribution of the properties to the joint venture and the operating, funding and governance mechanics applying to future developments. The iconic new 350,000 square feet building which cost £105 million to construct is one of the most sustainable large buildings in Europe. The development was subsequently sold to RREEF Estates, the property investment arm of DB and Ginko Tree Investments.
• Bruntwood on the disposal of City Tower, a 615,000 square foot office tower located in the Piccadilly district of Manchester, to Schroders for c £132m. As well advising on the disposal, we advised and structured various leasebacks over void space and a property management agreement as Bruntwood retained a management function in respect of the tower.
• Allianz Global Investors Europe AG in connection with its relocation from its existing UK offices at Bishopsgate, London into its new UK Headquarters at Broadgate Estate's new tower at 199 Bishopsgate, London. This transaction involved dealing with the surrender of Allianz's existing Lease within the existing Broadgate development; entering into an agreement for new lease conditional upon completion of Landlord's works; tax advice regarding VAT and capital allowances and the tax impact of inducements; and construction advice regarding the package of construction protection offered by the Landlord and advice in connection with the fitting out of the new premises.
• A Malaysian Pension Fund on the acquisition and subsequent sale of 151 Buckingham Palace Road, London. The transaction was coordinated with the timing of the buyer's acquisition of the adjoining building known as 123 Buckingham Palace Road, London, having a combined transaction value of c. £500m.
• Aberdeen Asset Management on the leasehold sale of 110 Park Street, Mayfair to Singaporean investor HB Mayfair Pte Ltd and Ho Bee Land Limited for c. £45m. The property comprised of 28,000 sq ft of Grade A office space.
• Hines UK Limited (acting on behalf of the German Doctors Pension Fund) on the acquisition of a Luxembourg SPV holding the office block known as 60 Holborn for c. £215m.
• Angelo Gordon on the establishment of a joint venture (through a UK limited partnership) to acquire, develop and subsequently dispose of the office block known as Asia House, 33 Lime Street, London.
• Acting for numerous lenders and borrowers in connection with the financing of acquisitions and/or developments and/or refinancing of a variety of different office spaces including central London, business parks, conversions and purpose built office accommodation.
• TSB Bank plc on the acquisition of its newly refurbished Regional Headquarters comprising 63,500 sq ft at Keypoint, Almondsbury, Bristol, such offices being acquired to service the south west and west markets and to relocate the Bank's existing back-office function to the region.
• Criterion Capital on its c £945m refinance of its property portfolio which comprised various central London trophy assets including The Criterion Building, Piccadilly, being the London headquarters of global consultancy group McKinsey & Company.
• Lloyds Bank plc in connection with its letting of 72,000 sq ft of office space within 125 London Wall, London, including advice in connection with options for additional floors within the building and advice in connection with the Landlord's structural works and Tenant's fitting-out works.
• HB Reavis on its acquisition of 61 Southwark Street, London for £44m from Aberdeen Asset Management. We are currently advising HB Reavis on the substantial redevelopment of this site which is to create circa 80,000 sq ft of Grade A office space.
• Muse Developments on the establishment and continued operation of the WARP4 Limited Partnership with Igloo and WARP4 on its participation with British Waterways to form ISIS Waterside Regeneration LP, a limited partnership that is delivering 8 million sq ft of mixed-use space including offices with an end value of over £1.4bn.
• Grosvenor London Office Fund on the structured disposal of an office black known as 40 Grosvenor Place for c. £115m.
• Peel in relation to the development and construction of the £500m MediaCityUK including the pre-lets to BBC and ITV, lettings to retail and office users and the sale of a 50% stake in the scheme to Legal & General.
• Ask Real Estate on the disposal of Number One First Street (a fully let office building forming part of the First Street estate). Number One was sold by way of an asset disposal but as part of a larger land deal (by way of share sale) of the whole estate (comprising office building, hotel, car park, retail) for an undisclosed sum. The land deal for the office building known as Number One First Street (let to Auto Trader, Ford Credit (both of which we did the lettings for), Jacobs, Amaze and Gazprom) was disposed of by way of a long lease.
• Bruntwood on the sale of Overseas House in Manchester City Centre to Credit Suisse. Overseas House which is to be rebranded 'Cornerblock' is located on the corner of Deansgate and Quay Street and comprises 52,175 sq ft of available office space over six upper floors and three ground-level retail units totalling 9,237 sq ft, which are let to Tesco, Sainsbury's and Starbucks. We are also advising Bruntwood on their on-going role in managing the redevelopment of the building, which will become a hub for creative city centre working and will provide a contemporary workplace for occupiers.