International law firm Clifford Chance has advised long standing client Helical plc and its joint venture partner Baupost Group on the sale of 55 Bartholomew Close. 55 Bartholomew Close is part of Helical’s Barts Square three-acre urban regeneration project in the City of London. It was originally three Victorian townhouses and has been fully refurbished to provide 10,976 sq ft of office space, over ground and five upper floors. It is let to five office tenants by way of a managed service offering and is a short walk from the recently opened Farringdon East Elizabeth Line station.
Clifford Chance has been involved with 55 Bartholomew Close from the outset, advising on the establishment of the joint venture between Helical plc and Baupost Group for the Barts Square development, then advising the joint venture on the acquisition and development of the site as well as the individual lettings to tenants.
The Clifford Chance team was led by Real Estate Partner Ian Painter, who commented: “We were pleased to help our long-standing client Helical plc and their joint venture partner Baupost Group to redevelop this prime property in the City of London and it’s always satisfying to be able to advise on the entire property life cycle of an asset as we did with 55 Barts Close. This is another successful project on which we have worked with Helical to develop quality office space for a discerning forward looking occupier market. This also follows other high profile projects such as the acquisition of 100 New Bridge Street and the development and full building letting of Kaleidoscope to TikTok.”
Gerald Kaye, CEO of Helical plc said “This sale demonstrate the ongoing attractiveness of best in class office developments for investors. The proceeds will be recycled into new value add opportunities in Central London, where we can use our skill to provide high quality sustainable building with strong amenity space which meet occupiers’ demands.”
Ian Painter was assisted by Real Estate Senior Associate Rose Laitner and Environment and Planning Partner Nigel Howorth and Senior Associate Katie Kempthorne. Real Estate Senior Associates Melissa Jones and Holly Porter also assisted with the letting of the property.
