BLP, LG, Macfarlanes, Wedlake Bell act on sale of Pinsents’ high-rise HQ

Berwin Leighton Paisner (BLP), LG, Macfarlanes and Wedlake Bell have all landed roles on the £139m sale of prime-location skyscraper 30 Crown Place – the site of Pinsent Masons’ London headquarters.

Graham Lloyd-Brunt
Graham Lloyd-Brunt

The sale illustrates the continuing demand for high-end real estate in London as a safe haven for investors and the increased interest from foreign parties.

BLP, led by commercial real estate partner Graham Lloyd-Brunt and real estate finance partner Jo Solomon, advised German company Hannover Leasing, which purchased the 19-storey, 198,000sq ft building. ­Hannover said it bought the building, which was completed only two years ago, for one of its closed-end investment funds.

Hannover is one of the largest leasing companies in Germany, managing assets with a total acquisition value of e15.8bn (£13.6bn).

LG advised German banks Deutsche Hypo and Deutsche Postbank on the debt funding for the deal. Head of banking at the firm Nick Turner led the team for LG, with corporate tax partner Elliot Weston also involved.

Macfarlanes and Wedlake Bell advised the seller fund, Greycoat Central London Office Development, which Macfarlanes helped establish in 2005. Macfarlanes handled the corporate aspects of the 30 Crown Place sale, with funds ­specialist Tim Cornick and tax partner Mark Baldwin leading for the firm.

Wedlake Bell handled the property side. Commercial property partner Malcolm Macfarlane, who has long advised Greycoat, and corporate partner Edward Craft led on the deal for Wedlake Bell.

Pinsents moved into 30 Crown Place in 2010 and shares the building with Crown Place Financial, which occupies 15 per cent of the building. However, in five years, Pinsent Masons will take over Crown Place Financial’s lease.