Olswang seals City property sale

Olswang has landed a deal advising on the £325m sale of the Mid City Place building in London’s High Holborn.

Corporate partner Paul Blackmore and real estate partner Stephen Hughes led the team acting on the deal, representing clients of Delancy and Invista Real Estate Investment Management, who owned the property.

According to Blackmore, Olswang has been advising clients of Delancey for a number of years and acted for the sellers when they acquired the property.

The building was bought by Mid City Place Holdings, a fund managed by Beacon Capital Partners. The purchaser was advised by Paul Hastings Janofsky & Walker partner Emma Bucknall and associates Hayley Buckley and Sean Magee.

Blackmore said that because there was a US buyer and some of the sellers were also offshore, the deal took place across a number of jurisdictions and time zones.

“The deal took place over four different jurisdictions and time zones and there was two weeks between when we were issued instruction and the exchange,” he said.

“It was one of those times when the buyer was prepared to move quickly, the clients were ready to go and it was important to get it done as quickly as possible.”

Blackmore said being involved in the original acquisition of the property assisted with the current deal. “We had a good understanding of the history,” he added.