Dewey & LeBoeuf, Herbert Smith and SJ Berwin have arranged the sale of Addleshaw Goddard’s headquarters to a Middle East investor as part of a highly secretive deal.
The purchaser, whose identity is shrouded in mystery, was advised by Dewey counsel Nicholas Shepherd, having been brought to the firm by partner Camille Abousleiman. The corporate partner has acted for a number of Middle East clients in the past.
The joint owners of the Milton Gate building, Evans Randall and Al Salam Bank, were respectively advised by SJ Berwin partner David Ryland and Herbert Smith partners Nadim Khan and Simon Price on the disposal.
Evans Randall and Al Salam acquired the 200,000 square foot building from UBS Asset Management in summer 2009 for £127m, with Herbert Smith playing a key role in the creation of an Islamic compliant structure. On the current sale SJ Berwin has taken a lead role, dealing with most of the due diligence.
Six months ago the joint venture was in negotiations with the Spanish insurance company Mutua Madrileña to sell Milton Gate for £157m (The Lawyer, 2 December 2009). However, that deal did not proceed. Clifford Chance partner Franc Pena acted for Mutua, with regular adviser Uria believed to have been conflicted out on that occasion.