19 November 2020
Clifford Chance advises Nuveen on eight lettings at 70 St. Mary Axe
International law firm Clifford Chance has advised Nuveen Real Estate, the global real estate investment manager, on the letting of eight floors, totalling more than 115,000 square feet at new development 70 St. Mary Axe in the City of London to seven separate occupiers.
The series of lettings secures a diverse range of occupiers for the building, including: CBRE Group subsidiary Hana that has taken three floors in the building for its flexible working outfit; energy company Vattenfall that has taken the fifth floor; technology companies Samsung and Hewlett Packard that have each taken part of the ninth floor; renewable energy infrastructure company Cubico Sustainable Investments that has taken part of the 11th floor; property consultancy firm Montagu Evans that has taken part of the 11th floor and the 12th floor; and Watch House Coffee that has taken the ground floor retail unit.
Clifford Chance has advised Nuveen Real Estate on all of the lettings at 70 St Mary Axe including the significant pre-let to Sidley Austin which represented more than a third of the building and was a significant milestone for the development. Only 3 floors remain to be let.
70 St. Mary Axe is a semi-elliptical building, with approximately 28,000 sq m (300,000 sq ft) of net office space over 20 floors, arranged above a double-height foyer on the ground floor. The building’s external skeleton defines it in a distinct manner, restricting solar gain. Sustainability is high on the agenda, with the asset pre-certified WELL Gold, wired-score platinum and cycle score platinum.
Commenting on the transactions, lead Partner Mark Payne said: "We have been working with Nuveen Real Estate on 70 St. Mary Axe for many years and are delighted to help them secure such high-profile tenants for this iconic building. The fact that we were able to advise them on a number of multi-disciplinary transactions against the continued backdrop of the Coronavirus pandemic, showcases our strength as a real estate practice focused on the complex and high value end of the market. The pandemic required us to find a number of creative drafting solutions."
Clifford Chance Real Estate Partner Mark Payne led the transaction team and was assisted by Associates Melissa Sykes and Lena McCrae. Tax input was provided by Partner David Saleh and Senior Associate Edward Page.