20 June 2018
- Mark Payne, Ian Painter, Rob Donell, Melissa Sykes, Marianne Toghill, Adam Waite, Nigel Howorth, Kirsty Souter, David F Saleh
Clifford Chance advises TH Real Estate on the pre-let of 70 St Mary Axe in the City of London
Clifford Chance advises TH Real Estate on the pre-let of 70 St Mary Axe in the City of London Clifford Chance has advised TH Real Estate, on behalf of the Cityhold Office Partnership (CHOP), on the pre-let of its development at 70 St Mary Axe, also known as the 'Can of Ham' to international US law firm Sidley Austin LLP. Sidley Austin LLP is agreeing to take more than a third of the building, approximately 100,000 sq ft, for a term of twenty years together with options on a further 34,000 sq ft.
70 St Mary Axe is a major central London development, on which Clifford Chance have been advising TH Real Estate for more than five years. The pre-let to Sidley Austin LLP represents the first major pre-letting of the site. The development is due to be completed in the final quarter of 2018.
Commenting on the transaction, lead Real Estate Partner Mark Payne said:
"We have been working on this project with TH Real Estate for a number of years and are delighted to have helped them to put arrangements in place to secure a tenant for this new iconic building. This was a complex multi-disciplinary transaction that plays to our strength as a real estate practice focused on the complex and high value end of the market."
Peter Neal, Senior Portfolio Manager at TH Real Estate, commented:
“The deal represents an important milestone for this landmark project and we look forward to welcoming Sidley Austin to the building later this year."
The transaction team comprised Partner Mark Payne, assisted by Partner Ian Painter and Associates Rob Donell and Melissa Sykes. Construction advice was provided by Head of UK Real Estate Construction Marianne Toghill and Associate Adam Waite. Planning advice was provided by Head of Environment and Planning Nigel Howorth and Senior Associate Kirsty Souter. Tax input was provided by Head of UK Real Estate Tax David Saleh and Senior Associate Ed Page.