Taylor Wessing has advised Bridges Fund Management (Bridges) on its acquisition of Quick & Tower House in Shoreditch from Aberdeen Standard Investments, in a joint venture (JV) with Hobart Partners, for c. £35 million.

The half-acre property consists of two buildings at the junction of Worship and Clifton Streets, in the core of London’s fast-growing TechCity area. With ample room available on the site, the JV plans to significantly increase the available office space from currently 53,745 sq. ft. to over 135,000 sq. ft. The site’s current leases expire in December 2020, giving the JV sufficient time to work up plans for a comprehensive redevelopment of this prominent corner site.

The Taylor Wessing team was led by private equity partner Emma Danks, real estate partner Alan Evans, construction partner David Quinlan, and tax and incentives partner Rob Young. Supporting the team was a cross functional team of real estate senior counsel Louise Tobutt, private equity senior associate Suzy Penney,  real estate senior associate Shilpa Vaswani, banking and finance senior associate Aansa Malik and construction associate Andrew Wood.

Emma Danks, partner and head of private equity at Taylor Wessing said:

“From our own base in TechCity, we see first-hand the incredibly dynamic environment enabled by this cluster of entrepreneurs and high-growth businesses.”

Alan Evans, real estate partner at Taylor Wessing added:

“It was great to work with Bridges Fund Management to unlock more space for the innovators of TechCity. This will create additional space for occupiers in one of the world’s most creative neighbourhoods, and we’re very proud to be part of it.”