SJ Berwin‘s real estate team is advising FTSE100 company British Land on its £406.3m disposal of City office space.
One Exchange Square, which is situated on the Broadgate Estate, has been acquired by German open-ended fund KanAm Grund Kapitalanlagegesellschaft.
KanAm appointed regular real estate adviser Nabarro for the purchase.
SJ Berwin real estate partner Lewis Myers led the team of four acting for British Land, with associates Helen Sills, Jo Taylor and Jason Tann also involved on the deal.
Nabarro real estate partner Deborah Parry led a five-strong team acting for KanAm. The team included associates Richard Roberts, Marie Scott, James Beauchamp and James Pearson.
“It was a very tight schedule as British Land wanted the sale to be complete before it announced its results,” said Parry. Due to this, the contracts were exchanged the night before the deadline.
The current tenant at One Exchange Square is the European Bank of Reconstruction and Development. The bank has a lease with almost 16 years remaining on the building, which comprises 384,362sq ft of Grade A office, retail, leisure and accommodation space that is arranged over the 1.7-acre site.
KanAm previously appointed Nabarro as adviser on two separate transactions in the UK – the purchase and subsequent sale of London’s East India Docks and the purchase of a property at 90 High Holborn, which houses the London office of media and technology law firm Olswang.
The sale is expected to be completed by the end of this month.