Travers Smith LLP has advised Clearbell Property Partners III LP (Clearbell), a fund managed by long-term client Clearbell Capital LLP on the acquisition of 85 Gray's Inn Road, a 28,000 sq. ft office building set across five floors in London Midtown.
Clearbell Capital LLP is a UK-based real estate fund management and advisory business with a global investor base. It invests in and advises on a diverse range of real estate projects across the UK. Covering everything from active asset management to developing properties across all real estate sectors, it seeks out opportunities to create value.
Clearbell acquired 85 Gray's Inn Road from the Benesco Charity and plans to repurpose the existing space to create lab-enabled space and ancillary offices for the growing life sciences community. The property is located in an area known as the "Knowledge Quarter", home to over 100 academic, research and scientific institutions, including the Francis Crick biomedical research institute, University College London, the Wellcome Trust headquarters, and Great Ormond Street hospital.
Joseph Bridger, Investment Director at Clearbell Capital, said: "The life sciences sector is set for a boom in the coming years. As the industry continues to mature, private and public sector investment should increase rapidly – particularly following high-profile successes like the AstraZeneca and Oxford Covid-19 vaccine. London’s Knowledge Quarter will continue to be the epicentre for life sciences activity in the UK".
Partner Emma Pereira, who advised on the acquisition alongside Real Estate Associate Neela Bhurtun, commented: "We were delighted to support the Clearbell team on this latest acquisition and look forward to seeing them convert this strategically located space into high-class accommodation for the growing life sciences community".