Norton Rose Fulbright and Mayer Brown have taken the lead roles on Commerz Real's high-profile sale of London's iconic Lloyd's building to Chinese insurance giant Ping An.

The One Lime Street landmark, the headquarters of insurance market Lloyd's of London, has been sold for £260m in a deal that closed earlier this month.

Norton Rose Fulbright's real estate practice advised a fund managed by longstanding client Commerz Real on all legal aspects of the sale, with a team led by City real estate partner David Hawkins. Frankfurt partner Oliver Sutter provided support on German law matters.

Hawkins said: "The deal was interesting to work on as it is an iconic building and the first of what are likely to be a number of significant investments in London real estate assets by the Chinese insurance sector, following clarification by the China Insurance Regulatory Commission on the rules governing overseas investments.

"I think we'll see the start of an influx of activity from the sector into the UK real estate market and, more generally, a continued strong inflow of overseas investment."

Mayer Brown advised the buyer, fielding a team including real estate partners Martin Wright and Andrew Hepner.

Legacy Norton Rose also advised Commerz Real on its £231m acquisition of the building in 2005 from German asset manager DekaBank.

The firm has recently advised on several deals involving London landmarks, including last year advising the purchasers and developers of Battersea Power Station, and acting for DP World on the development of its £2bn, 1,500-acre London Gateway port.