BNP Paribas' new St Pancras base purchased by insurers AXA

Herbert Smith and Nabarro have advised on the £300m sale of BNP Paribas Real Estate's St Pancras base to insurance giant AXA.

Herbert Smith acted for AXA on the purchase of the property, which sits next to  King's Cross St Pancras station in London, fielding a team led by real estate partner Simon Price and Shelagh McKibbin.

BNP bought the site in 2010, with development set to begin later this year and completion expected in 2014. Nabarro took the lead on the sale with a team led by property partners Marie Scott and Nick Collins.

The deal has seen AXA enter into a 50-50 joint venture partnership with a large third-party international client – whose name has not been disclosed – to purchase the site.

The building, which will act as BNP Paribas Real Estate's London headquarters, comprises 11 stories, with 55% of the property let to BNP. The remaining 45% is set to be let over the coming months.

The acquisition is the latest significant deal for AXA this year, following the acquisition of HSBC's insurance portfolios in Hong Kong, Singapore and Mexico for $494m (£308m) in March. The insurance giant was then advised by Linklaters.

The BNP sale is the latest in a string of real estate transactions for both Herbert Smith and Nabarro so far this year, with both firms handed a role on Hammerson's £518m sale of its London commercial property portfolio to Canadian investor Brookfield in June.

Nabarro has also this year won a lead advisory role on a £1.3bn Olympic legacy development project in Stratford City, east London.