Freshfields, Nabarros scoop Land Securities development

Nabarros scoop Land Securities development” />Nabarro Nathanson and Freshfields Bruckhaus Deringer have landed mandates to advise on the redevelopment of Allen & Overy‘s (A&O) City headquarters.

Nabarros’ relationship partner for Land Securities in London Nicholas Vergette is leading the team advising the longstanding client on the issues surrounding the redevelopment of One New Change, which is opposite St Paul’s Cathedral.

Meanwhile, Freshfields, which has been wrestling with Nabarros to win the affection of Land Securities, is handling the construction aspects of the deal for the developer plus the future retail and office lettings, with international real estate head Chris Morris leading the advice. Freshfields has also been instructed on a potential joint venture relating to the scheme.

Herbert Smith has also got in on the act, advising Land Securities on planning issues.

Freshfields has been fighting for Land Securities instructions for some time. In 2004 the firm picked up the mandate to act on the sale of 499,000sq ft in Bankside to Time Warner subsidiary IPC Magazines Group, with Herbert Smith acting for IPC.

One New Change will become the first purpose-built shopping centre in the Square Mile. The building will cover 560,000sq ft, of which 220,000sq ft will be shops spread over the first three floors.

Land Securities won planning permission for One New Change in January.

A&O is moving to new offices in Spitalfields later this year. The move will mark the end of the magic circle firm’s search for new premises, which dates back to 2001.

Last week it also emerged that Linklaters has picked up the mandate to advise Swiss Re on the proposed sale of its landmark London headquarters at 30 St Mary Axe.

The 500,000sq ft building, more commonly known as the Gherkin, is said to be worth around £600m and is home to law firms including Hunton & Williams and Kirkland & Ellis.