CC and BLP win lead roles on sale of A&O headquarters to JP Morgan
Clifford Chance (CC) and Berwin Leighton Paisner (BLP) have won lead roles on a major City real estate deal which has seen the ownership of Allen & Overy's (A&O) City headquarters change hands. CC advised Hammerson and Oman Investment Fund (OIF) on the deal, which saw the pair sell their 25:75 joint venture - whose principal asset is the long leasehold interest in the Bishops Square offices in London's Spitalfields - to JP Morgan Asset Management.
December 16, 2010 at 09:23 AM
2 minute read
Clifford Chance (CC) and Berwin Leighton Paisner (BLP) have won lead roles on a major City real estate deal which has seen the ownership of Allen & Overy's (A&O) City headquarters change hands.
CC advised Hammerson and Oman Investment Fund (OIF) on the deal, which saw the pair sell their 25:75 joint venture – whose principal asset is the long leasehold interest in the Bishops Square offices in London's Spitalfields – to JP Morgan Asset Management.
The deal saw the Bishops Square property – of which A&O rents 71,900 sq m of office space – valued at £557m.
BLP advised two funds of JP Morgan Asset Management on the purchase of the assets, which saw Hammerson take net proceeds of £79m. Deloitte also advised JP Morgan Asset Management's funds, while Jones Lang LaSalle advised the sellers on the deal.
Hammerson sold a 75% stake to OIF in June 2009 and accounted for its 25% interest as an associate, with CC advising Hammerson on the deal while DLA Piper advised OIF.
CC London real estate head Jonathan Solomon is a longstanding adviser to Hammerson and has advised on the Bishops Square development for 15 years. He started the work while a partner at Norton Rose and brought it with him when he joined CC in 2000.
It is understood that JP Morgan Asset Management is a relatively new client of BLP, with Linklaters having previously taken major roles for the investor.
Addleshaw Goddard also won a role on the deal, advising a syndicate of banks led by Bayerische Landesbank, which provided the funding for the deal, with a team led by head of real estate finance Paul Salsbury and legal director Rhodri Davies.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllHengeler, Noerr, Freshfields Steer Multi-Million Euro Deals for XXXLutz, Huf Group & More
3 minute readGoodwin Enlisted for $1.15 Billion GSK Acquisition of US Biopharma Business
Freshfields Leads European M&A Rankings Again in 2024, as U.S. Firms Gain Market Share
5 minute readTrending Stories
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250