Rowe & Maw (MBR&M) has cemented its relationship with Sloane Capital, the property fund of Irish horseracing magnates John Magnier and JP McManus, after advising on Standard Chartered’s sale and leaseback of 35 Basinghall Street.
The deal also saw Clifford Chance get its first real estate instruction from Standard Chartered since 2001.
The deal saw Standard Chartered Bank complete a £170m sale and leaseback of 35 Basinghall Street, just days after acquiring the 200,000sq ft property from City of London Office Unit Trust, the specialist property unity trust advised by Pillar Property and managed by Schroders.
The instruction, which came through Sloane Capital head Aidan Brooks, was a coup for MBR&M, which was unable to advise Sloane Capital on last year’s sale and leaseback of Unilever House because the firm was already advising Unilever. Sloane Capital instead turned to Nabarro Nathanson on the Unilever deal.
The Clifford Chance team was led by real estate partner Iain Morpeth, while Jeremy Clay led for MBR&M.
Standard Chartered has earmarked the space for its new headquarters, and will relocate 1,200 staff into the building from four city offices. The new offices will be ready for occupation by 2007.
Anglo Irish Bank provided funding for the deal, advised by longstanding lawyers Addleshaw Goddard.