Taylor Wessing, Olswang and Eversheds have taken roles on a deal which will see the 2012 London Olympics press and broadcast centres developed into a new digital quarter in the capital.

The project will see iCITY – a joint venture between data centre operator Infinity and real estate investment company Delancey – develop a hub for the digital and creative industries in east London's Queen Elizabeth Olympic Park.

According to iCITY, the deal takes total investment in the press and broadcast centres to more than £1bn, including London 2012 construction costs, secured tenants, Infinity clients and iCITY development costs.

Taylor Wessing advised iCITY, the holding company of longstanding client Infinity, with with corporate partner Howard Palmer and real estate partner Alan Evans leading a team that included finance partner Martin Yells and construction partner Neil White.

Palmer called the venture a "landmark deal that delivers on ambitious targets set to aid economic growth, create jobs and develop a digital hub that iCITY will champion".

Olswang led for Delancey, with real estate corporate and M&A group head David Bunker and tax partner Cliona Kirby heading the firm's team, while Eversheds advised the London Legacy Development Corporation with a team led by real estate partners Stephen Sorrell and Anthony Van Hoffen.

Commenting on the deal, London mayor Boris Johnson (pictured) said: "It's absolutely fantastic news that the final piece of the Olympic venues jigsaw puzzle has now been firmly put in place. iCITY is the final jewel in the crown of Queen Elizabeth Olympic Park and is a world-class digital hub that will employ thousands of people."