With apologies to Billy Ocean the adapted song title sums up the advice and help to two recent BBG clients.
For mid-pandemic months, an international automotive technology business had been struggling to dispose of a short and shortening lease term on its 10th floor (8,754sq.ft.) fully fitted office in 1 Angel Court (the high profile EC2 Tower).
BBG’s Tom Boggis and Ben Hodder were called upon for specialist City advice. After hard-headed analyses and constructive advice on the realities of marketing in a pandemic, Tom and Ben re-oriented the marketing to finding a longer term tenant to take the client’s stead. Once that longer term occupier had been found more analyses were followed by surrender negotiations with the building’s Landlord, Mitsui Fudosan. This exit yielded a significant cost saving for our client.
A similar situation had arisen for a hedge fund occupier at its 34th floor office (5,726 sq. ft.) office in The Salesforce Tower, 110 Bishopsgate, EC2. Months of fruitless marketing by another agent had run down the clock on a short-term lease liability which had become well-nigh un-lettable especially given a significant dilapidations liability.
Buoyed by the Angel Court result, BBG’s dynamic duo of Tom and Ben analysed the liability and again recommended a re-orientation seeking out a longer term tenant, which their punchy marketing dug out. Robust negotiations with the new occupier Susquehanna International Securities realised a huge rent of £84.50 psf which was then back-to-backed with successfully negotiating a surrender of our client’s lease with the Landlord, Heron. Again, realising a significant reduction in our client’s liability.
Which leads us to suggest that disposal of short-term leases sometimes requires punchy, innovative advice backed by cool headed analyses, targeted marketing, and skilled negotiation.
To find out more please contact Tom or Ben.
Whatever your needs, whether for flexible, serviced or leased offices, be you a small charity or large enterprise, BBG Real Estate Advisers can help you find your next London office. More on us here, simply contact one of our team to find out more.