Clifford Chance has advised Stanhope Plc on the purchase of Building 7, Chiswick Park from fund manager Blackstone for approximately £310 million.
Stanhope bought the 335,000 sq ft Grade A office building, which was Blackstone’s last building in the development, with the backing of an existing private client. The building is currently 95% let to blue chip covenants including Pernod Ricard, Starbucks and British American Tobacco.
Chiswick Park, which was originally developed by Stanhope on behalf of The Chiswick Park Unit Trust, was the first office development in London to focus on people using the development rather than the physical buildings. The development stretches over 12 buildings in a 33 acre site and is situated around a central pedestrian space made up of a lake, landscaping and open-air performance area. The development established a people-centric destination where individuals and businesses could exchange ideas and embrace new ways of working.
Clifford Chance Real Estate Partner Mark Payne (Picture) led on the transaction and oversaw the sale and purchase agreement with support from Senior Associate Andrew Hughes. Real Estate Senior Associate Rob Donell, Associates Melissa Sykes and Stephanie Ofili supported on the joint venture. Tax input was provided by Partner and Head of UK Real Estate Tax David Saleh, who was supported by Senior Associate Edward Page and Director Simon Corzberg. Planning input was provided by Senior Associate Katie Kempthorne, while financing input was provided by Partner Jane Cheong Tung Sing and Associate Herman Steinvoort. Merger control input was provided by Partner Alex Nourry.
Involved fees earner: Jane Cheong Tung Sing – Clifford Chance; Simon Corzberg – Clifford Chance; Rob Donell – Clifford Chance; Andrew Hughes – Clifford Chance; Katie Kempthorne – Clifford Chance; Alex Nourry – Clifford Chance; Stephanie Ofili – Clifford Chance; Edward Page – Clifford Chance; Mark Payne – Clifford Chance; David Saleh – Clifford Chance; Herman Steinvoort – Clifford Chance; Melissa Sykes – Clifford Chance;
Law Firms: Clifford Chance;