Nabarro advises Land Securities on £280 million sale of Devonshire House W1
20 March 2007
Nabarro has advised Land Securities on the sale of Devonshire House W1 to a wholly owned subsidiary of DCD and The Witkoff Group for over £280 million.
The landmark building, on an island site on Piccadilly between Stratton Street, Berkley Street and Mayfair Place in London’s West End, comprises offices with nine retail shops and showrooms on the ground floor. The offices are occupied by various major groups, including Boston Consulting, Egon Zehnder International, Alliance Bernstein and Bain Capital, and the retail tenants include Marks and Spencer. The property provides rental income of £11 million per year and was formerly Land Securities head office.
The Nabarro team was led by real estate partners Nicholas Vergette and Caroline Maude. Andrew Gumpert of Jones Day led for the buyer.
Nicholas Vergette at Nabarro said:
"We are delighted to have advised Land Securities on the sale of Devonshire House and to have successfully closed the deal on one of the most prestigious landmark properties in London’s Mayfair district. As well as bringing to a close Land Securities long association with the building it also ends half a century of our involvement with it so it is fair to say we have had a good innings."
For further information please contact:
Charlotte Tandy
Lansons Communications
020 7490 8828
charlottet@lansons.com
or
Nicholas Vergette
Partner
Nabarro
020 7524 6329
n.vergette@nabarro.com
