Hogan Lovells Advises Tower Limited Partnership on Landmark £282.5m Tower 42 Sale
23 December 2011
LONDON, 23 December 2011 - Hogan Lovells has advised The Tower Limited Partnership (BlackRock UK Property Fund Hermes Property Unit Trust and LaSalle Investment Management on behalf of the Royal Mail Pension Plan) on the exchange of their freehold interest in the landmark Tower 42 Estate to Kirsh Group for £282.5million. The sale exchanged on Tuesday 20 December.
In addition to the 324,000 sq ft multi-let iconic Tower 42, one of the tallest buildings in the City of London at more than 600 ft in height, the Estate includes five other commercial buildings on a 2.2 acre freehold site, including developments on Old Broad Street and Bishopsgate.
The Hogan Lovells team advising The Tower Limited Partnership was led by London real estate senior associate Alison Ramsey and real estate partner Michael Stancombe, supported by associate Judith Reynolds.
Commenting on the transaction, Michael said:
"We are pleased to have advised our clients on the successful sale of this iconic City of London building. Tower 42 is a London landmark and this sale a highlight of the 2011 year."
Nabarro also advised the sellers. MacFarlanes advised the buyer.