Clifford Chance

Clifford Chance advises joint venture between Helical plc and Healthcare of Ontario Pension Plan on hat-trick of lettings at Creechurch Place, London

Clifford Chance has acted for the joint venture between Helical plc and Healthcare of Ontario Pension Plan (HOOPP) in relation to a trio of recent lettings at One Creechurch Place in the City of London to Softcat plc, West of England Ship Owners Mutual Insurance Company and Dell Corporation. The 272,500 square foot building, which is located in the heart of the City of London's insurance and financial district, is now close to being fully let with only one floor remaining.

The lettings follow Clifford Chance's seven-year long involvement with this development project, having acted for FTSE-listed client Helical plc on the original site acquisition, the joint venture and forward funding with HOOPP and the subsequent construction and rights of light work, as well as the associated arrangements with the City of London Corporation.

One Creechurch Place is a 17-storey mixed-use development situated next to the Aldgate regeneration project which benefits from its own public realm and ground floor café. Other major tenants occupying the building include Hyperion, Enstar, Travelers and Coverys.

Commenting on the transaction, lead Real Estate Partner Ian Painter said:
"We are delighted to have worked with long-standing client Helical plc on this major City of London development from inception through to completion. This series of recent lettings is further evidence that major occupiers are continuing to take a long-term view of London's prospects as a global city and are committing their futures to the city in unprecedented numbers. We saw from the statistics released last week that pre-lettings in the City of London are at their highest levels for a decade, despite uncertainty around Brexit, which shows that premium office developments like Creechurch Place remain in high demand from corporate occupiers, including insurance and technology companies such as Dell, Softcat and West of England."

Gerald Kaye, CEO of Helical plc, said:
“Creechurch has proven to be very attractive to the insurance market and other leading businesses due to its strategic location and high-quality working environment. We have a good level of interest in the final floor of this successful building. Once again Ian Painter and his team at Clifford Chance dealt with the legal aspects quickly and efficiently.”

This transaction follows a series of deals that Clifford Chance have worked on with major 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, and the mixed-use developments at The Bower, Old Street and at Barts Square on the site of the old St Bartholomew's Hospital.

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 and Senior Associate Elizabeth Hardacre.