London — Mayer Brown and Ashurst advised on the £250 million acquisition of 1-2 St James Square in London, the headquarters of multinational oil and gas company bp, by Hong Kong-based investor, Lifestyle International Holdings. The sale includes a lease back agreement of two years.
Ashurst advised bp on the transaction, while Lifestyle International was advised by Mayer Brown. The 120,000 sq ft building on St James Square accommodates more than 500 bp employees and is Lifestyle International's first real estate acquisition in the UK.
Chris Harvey, Mayer Brown's UK Head of Real Estate, said: "We were delighted to be instructed by Lifestyle International on this transaction, which is one of the largest real estate deals in the West End of London this year. Despite the challenges of the pandemic, investor appetite for prime location properties in London continues, particularly from Asian buyers."
Sarah Sivyour, global co-head of Projects & Real Estate at Ashurst, added: "We are delighted to have worked with bp on this important transaction and to continue our longstanding relationship with them. This transaction reflects the continuing strong demand for high quality office space in Central London."
The Mayer Brown team was led by UK Head of Real Estate Chris Harvey and included: Real Estate counsel Robert Patterson, Tax Transactions & Consulting counsel Kitty Swanson and Environment & Planning counsel Tim Baines (all London).
The Ashurst team was led by global co-head of Projects & Real Estate Sarah Sivyour, supported by Real Estate associates Chloe Marshall and Josie Oliver, Tax partner Simon Swann and Planning senior associate Ben Groves.