Mayer Brown advises Lipton Rogers on re-development of Pinnacle site
5 March 2015
London - Leading global law firm Mayer Brown has advised Lipton Rogers Developments on the development funding for 22 Bishopsgate, formerly known as the Pinnacle Tower, in partnership with AXA Real Estate.
An international consortium of investors established by AXA Real Estate has completed the acquisition of the site for an undisclosed sum. Lipton Rogers, which has been working with architects and other professionals for over three years to develop the new design for the site, will act as developer and work alongside the AXA-led consortium to complete the project.
An application for planning permission will be submitted within the next few months, with construction expected to commence by the end of 2015, and completion scheduled for the end of 2018.
The formation of Lipton Rogers Developments reunited the co-founders of Stanhope, Sir Stuart Lipton and Peter Rogers, who were responsible for the development of the Broadgate Estate and many other iconic developments in London over 30 years. In 2013, they were joined by Rupert Clarke, former CEO of Hermes, to originate and deliver major London development and regeneration opportunities.
Rupert Clarke, Managing Partner of Lipton Rogers Developments, said: "This is an important project for Lipton Rogers and builds on the unparalleled Central London track record established by Stuart and Peter over the last 30 years. We were delighted to work with Mayer Brown in finalising the development joint venture agreement with the AXA RE investor consortium."
Richard Page, Corporate & Securities partner at Mayer Brown, said: "We are delighted to have acted for Lipton Rogers on this high profile development, demonstrating our depth of knowledge of the corporate real estate sector. 22 Bishopsgate will certainly be one of the most significant real estate projects of the year."
Martin Wright, Head of European Real Estate at Mayer Brown, said: "This deal exemplifies the continuing growth of London’s commercial real estate market and shows that the demand for top quality office space in the capital is the strongest it has ever been. 22 Bishopsgate is due to become the tallest building in the City of London and with Mayer Brown’s involvement in The Shard, the tallest building in the European Union, we are proud to be acting on properties that shape London’s skyline."
The Mayer Brown team was led by Corporate & Securities partner Richard Page and included Real Estate partners Patricia Jones and Caroline Humble, Construction partners Jonathan Olson-Welsh and associate Peter Parten, Corporate associate Jonathan Musker, Environment & Planning partner Michael Hutchinson and Tax Transactions & Consulting partner James Hill and senior associate Simon Slade.