Hogan Lovells Advises Ballymore on Development Agreement for Two Snowhill
19 May 2011
LONDON, 19 May 2011 - Hogan Lovells has advised Ballymore on an agreement to sell and jointly develop Building Two Snowhill, a 314,000 square foot office building in Birmingham, with real estate investment and management firm Hines.
Ballymore is one of the largest European privately owned developers specializing in large scale mixed use schemes and part of The Ballymore Group, a design-led, international property development and investment company.
Ballymore and Hines will be joint development managers of the building, which will be the first new building in central Birmingham for over three years. It will contain 305,000 square feet of office space, of which 185,000 square feet has been preleased to lawyers Wragge & Co., and 9,000 square feet of retail space. The project is targeting a BREEAM Excellent rating for sustainability and is expected to complete in early 2013, and will be worth over £100m on completion.
Daniel Norris, partner in Hogan Lovells real estate team, said:
"We are pleased to have been able to assist Ballymore in reaching an agreement with Hines as partner that will enable our client to deliver on its commitments to tenants. Building Two Snowhill is a great building which will hopefully mirror the success of its sister Building One Snowhill within the Birmingham office market.”
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