Real estate investors FORE Partnership has secured funding from private equity firm KKR to deliver a carbon friendly 110,000 sq ft office and retail development next to Tower Bridge, London.
The project will see the transformation of a 1990s constructed building next to Tower Bridge into an eco-friendly and sustainable workspace with a view of the Thames.
Square One Law LLP advised FORE in respect of all the construction contracts for the development. This has involved the negotiation of a bespoke design and building contract with the contractor Willmott Dixon Construction Limited.
From its offices in Newcastle, Square One Law also advised on the professional appointments with the design team and various ancillary contracts, warranties and security documentation.
There were multiple teams of lawyers, stakeholders and companies involved, making this a multi-layered and complex transaction.
The building will be net zero carbon in operation and will run solely on electrical power, making it one of the few buildings in Europe to achieve this. The building also aims to achieve a platinum WELL building certification as well as a BREEAM rating of ‘outstanding’ in respect of the offices.
Bal Manak, Construction Partner at Square One Law, commented: “Building sustainability, both in terms of their everyday impact on the environment and the construction methods employed to build them, are an increasingly important element of achieving net zero. This building will really set the standard for low carbon office developments.
“This was a very complicated and multi-dimensional deal, with conflicting interests at stake. We worked alongside all the parties involved including the lenders, the contractor, and the professional team and their lawyers to ensure we completed the deal in a transparent and commercially effective and efficient manner.
“It was our priority throughout to make sure that we always had our client’s back and provided commercial solutions throughout. We’re looking forward to following the progress of the development, which is targeted to finish in late summer 2024.”
Basil Demeroutis, Managing Director at Fore Partnership, said: “We are thrilled to have completed this transaction, and are now on site with our contractor. It was especially complicated to negotiate during the macroeconomic and geopolitical environment over the last nine months, and it has taken skill and determination from the Square One Law team to get this done.”