12 July 2018
- Ian Painter, Melissa Sykes, Marianne Toghill, Edward Bretherton, Nigel Howorth, Elizabeth Hardacre
Clifford Chance advises Helical plc and AshbyCapital on the major pre-let of One Bartholomew, London
Clifford Chance has advised Helical plc and AshbyCapital on their first pre-let at One Bartholomew in Farringdon London to digital advertising company The Trade Desk. One Bartholomew is a 12-storey, 215,000 square foot office building located within the Barts Square development. The development of the building is expected to complete later this year.
The letting sees The Trade Desk agree to take just over one quarter of the lettable space in the building, which is being forward funded by AshbyCapital and developed by Helical.
Barts Square is a large mixed-use redevelopment in West Smithfield in the City of London. The redevelopment included 236 high quality apartments, three office buildings including One Bartholomew as well as 20,500 square foot of retail and restaurant space.
Commenting on the transaction, lead Real Estate Partner Ian Painter said:
"We have been working with Helical plc on Barts Square from initial establishment of the joint venture with The Baupost Group and the acquisition of the old hospital site back in 2011 through to this major pre-let. It has been fantastic to watch the transformation of the site and to support Helical and AshbyCapital in bringing this major London development to fruition. This letting to a media tech company headquartered in California is indicative of London's growing presence as a global tech hub and is part of an increased shift towards a more innovative tenant base in this part of the capital."
Gerald Kaye, Chief Executive of Helical, said:
“It is exciting to welcome the first office occupier to our Barts Square development as this new mixed-use destination takes shape. Combining homes, retail and office space with landscaped public areas, this is set to be a fantastic new place to live, work and spend time at the heart of one of London’s most vibrant locations.”
Peter Ferrari, Chief Executive at AshbyCapital, said:
“This significant pre-letting to a global media tech company several months before completion is testament to the wide ranging demand for high-quality office space close to the new Elizabeth Line station at Farringdon. With a wide and growing range of amenities excellent transport links – and a creative vibe, this is London’s new neighbourhood in which we are creating a first-rate new office building.”
This transaction follows a number of other deals that Clifford Chance have worked on with long standing client Helical plc in recent years, including the acquisition and development of a proposed over-station development at Farringdon East Crossrail station, the redevelopment of 25 Charterhouse Square, the development joint venture and forward funding at Creechurch Place and the mixed-use development and joint venture of The Bower in Old Street.
The transaction team comprised Partner Ian Painter, assisted by Associate Melissa Sykes. Construction advice was provided by Head of UK Real Estate Construction Marianne Toghill and Senior Associate Edward Bretherton. Planning advice was provided by Head of Environment and Planning Nigel Howorth, Senior Associate Elizabeth Hardacre and Associate Mark Mulholland.