International law firm DAC Beachcroft has advised an offshore investor client and its property manager, Arab Investments Limited, on the £94 million disposal of 40 Gracechurch Street in the City of London to Cornerstone Real Estate Advisers.

40 Gracechurch Street comprises 122,850 sq ft of Grade A office space across eight floors, as well as a restaurant on the ground and lower ground floors. It was developed in 2010 with Arab Investments, a longstanding client of DAC Beachcroft, acting as project manager.

The latest transaction was carried out by way of a corporate sale of the property owning special purpose vehicle (SPV) to Cornerstone, a US-based asset management firm.

DAC Beachcroft fielded a combined Corporate and Real Estate team on the deal. The London-based team was led by Corporate partner, David Manifould, and Real Estate partner, Andrew Boulton, with support from partners John Dunlop (Tax) and Paul McCartney (Real Estate) as well as associate, Vicky Banks (Real Estate), and solicitor, Thomas MacAdie (Corporate).

Commenting on the deal, David Manifould, said: "We put together a dedicated team with expertise from across the firm drawing on tax, finance, employment and construction as well as corporate and real estate. Working closely with our clients' other trusted advisers, we were delighted to assist our longstanding clients on such an important transaction."

He added: “This is testament to the quality, experience and expertise a combined DAC Beachcroft London Corporate and Real Estate team can provide for our clients both here in the capital and beyond. The sale is also further evidence of international investors' continued interest in and appetite for London real estate."