News & Events | News

Monday 9th June 2008

European law firm SJ Berwin LLP’s real estate division have advised British Land on the £400 million sale of the Willis Building to international property group St Martins Property Investments Limited, to mark the largest  property  transaction in the City since the onset of the credit crunch. Contracts have been exchanged with completion of the sale set for June.

Located to the east of the Lloyd’s Building, the Willis Building - a 29-storey tower on 51 Lime Street and a 10-storey building on Fenchurch Avenue comprises 496,000 sq ft, it is also recognised as one of London’s most iconic buildings in the City centre. The building was developed with a progressive environmental strategy to surpass statutory carbon reduction targets by more than 20 per cent.

SJ Berwin acted on the acquisition of the property for British Land in 2001, formerly known as the Old Lloyds building, as well as advising on the letting of the building to Willis and now on the sale to St Martins.

The SJ Berwin team was led by real estate partner Jeff Smith assisted by associate Patrick Williams, tax partner Heather Corben assisted by associate Laura Sunley and associate Nicolina Andall on construction matters.  John Pike of Stephenson Harwood led the team advising the purchaser, assisted by partners Chris Seel and associates Simon Elphick, Graham Barton on construction, Head of Planning Barry Jeep on planning issues and associate Leigh Saylis on tax.

SJ Berwin has advised British Land on a long string of transactions dating back to the establishment of the practice. In the first quarter of 2008, SJ Berwin advised British Land on the sale of two Debenham’s department stores in Luton and Winchester and on the sale of Plantation Place South. SJ Berwin also advised on the sale of 1 Plantation Place and more recently the formation of a new 50:50 £1.2 billion joint venture with J Sainsbury plc.

For further information relating to SJ Berwin please contact:

Jeff Smith, Partner +44 (0)20 7111 2253, email jeff.smith@sjberwin.com 

Jodie Yates, Business Development Assistant +44 (0)20 7111 5907, email jodie.yates@sjberwin.com

Rosemary Perret, Communications Manager, Stephenson Harwood +44 (0)20 7111 5907, email Rosemary.Perrett@shlegal.com

Notes to Editors:

SJ Berwin LLP

• On 1 June 2005 SJ Berwin LLP, an English limited liability partnership, took over the business of the SJ Berwin general partnership.  SJ Berwin LLP or an affiliated undertaking has an office in Berlin, Brussels, Frankfurt, London, Madrid, Milan, Munich, Paris and Turin.
• SJ Berwin LLP was named ‘UK Firm of the Year’ at the Global Chambers Awards 2007 and Private Equity Team of the Year at the Financial News Legal Awards 2007. 
• SJ Berwin's Real Estate Division totals 150 staff  in London of which 23 are partners (3 of which are tax partners), and over 70 associates, encompassing the disciplines of Commercial Real Estate, Construction, Planning & Environment, Property Litigation, Real Estate Funds and Tax.  In addition there are 3 partners specialising in real estate in our Continental European offices.  There is an increasing emphasis on cross departmental activity with related areas of Banking and Corporate and also cross border / pan European real estate work, with our European offices.  The division acts for blue chip clients including British Land, Royal Bank of Scotland, the Hilton Group, Brixton plc, AXA, The Crown Estate, Marks & Spencer and Gazeley.
• The Real Estate Team was Legal Business Real Estate Team of the Year 2005.  It was also named "Real Estate Team of the Year" in the Lawyer Magazine Awards 2004, following its advice on the RBS/Canary Wharf transaction, the highest-value property investment transaction in the UK in 2004.  It was shortlisted Real Estate team of the Year in this year’s British Legal awards.
• Revenue from Real Estate represents approximately 21% of the firm's total revenue in London.