Nabarro has advised Stratford City Business District Limited (SCBD), a Joint Venture between Lend Lease and London and Continental Railways Limited, on the first two pre-lets at The International Quarter, the £2.1bn development at Stratford on the former Olympic site.
Nabarro was first instructed on the two Agreements for Lease in 2014. The first Agreement exchanged on 1 May 2015 and is for a 265,000 sq. ft. 10 floor building for Transport for London. The second Agreement with The Financial Conduct Authority (FCA) exchanged on 20 May 2015 for 425,000 sq. ft. of a 19 floor building for their new UK headquarters. This is one of the biggest pre-lets of 2015 and is testament to the prestigious development taking place at The International Quarter.
The deal was particularly complex as a result of some pre-let restructuring, a bespoke procurement strategy and the interface with infrastructure and public realm works which required continued co-ordination from our real estate, construction and tax teams.
Leading the Nabarro team was partner Ciaran Carvalho and managing associate Louise Jones on real estate with partner Alistair McGrigor and associate Ruby Jhita advising on construction, partner Kirsten Prichard-Jones and associate Andrew Brooker advising on tax, partner Chris Oakley and associate Tom Watkins on site wide issues, and Brad Rice on regulatory issues.
Ciaran Carvalho, head of Real Estate at Nabarro, said:
“We are delighted to have won the opportunity to work with Lend Lease and London & Continental Railways on the creation of The International Quarter as part of the legacy of the Olympic Games. These pre-lettings have involved a tremendous collective effort by all parties involved to reach a successful conclusion. We look forward to continuing to advise the SCBD on London’s newest business district.”
At a total of four million square feet, The International Quarter is one of the largest new commercial developments in Europe. Once completed, more than 25,000 people will work at the development each day.
