McCalmont-Woods has saved JP Morgan Cazenove almost £1m in rent by advising the investment bank on the rent review of its 16,053 sq ft office at Exchange Tower, 1 Harbour Exchange Square, London E14 against landlord, MGPA, advised by CB Richard Ellis.
The 29th September 2009 rent review on the third floor at Exchange Tower was successfully agreed in February 2011 at a revised rent of £22.00 per sq ft, equivalent to an annual saving of £168,406 on the landlord’s quoted rent of £32.50 per sq ft.
Acquisition of 20,052 sq ft in City Place House, 55 Basinghall Street, EC2 for Welbeck Wealth Management Limited
Acquisition of 14,483 sq ft in 33 Grosvenor Place, SW1 for DONG Energy (Image courtesy of Geoff Pugh – The Telegraph)
McCalmont-Woods has acquired the new UK headquarters for global communications giant Tata Communications.
The Tata Global Network includes one of the most advanced and largest submarine cable networks, a Tier-1 IP network, with connectivity to more than 200 countries across 400 PoPs, and nearly 1 million square feet of data centre and co-location space worldwide. Tata Communications’ depth and breadth of reach in emerging markets includes leadership in Indian enterprise data services, leadership in global international voice, and strategic investments in operators in South Africa (Neotel), Sri Lanka (Tata Communications Lanka Limited), and Nepal (United Telecom Limited).
McCalmont-Woods relocated Tata Communications from their previous base at Exchange Tower, 2 Harbour Exchange Square, London E14 to 20 Old Bailey, London, EC4 in the heart of the City.
The company, which is listed in India, is taking 18,685 sq ft of fully fitted offices on the first floor of 20 Old Bailey from Accenture on a new 4 year lease, inside the Landlord & Tenant Act 1954, on which it is paying a highly competitive net effective rent of £11.22 per sq ft only!
Fionnula Bentley, Tata Communications HR Director said:
“Nick McCalmont Woods contacted me initially to assist him with work he was doing for another client. As a result of our initial conversation, Nick became involved is assisting Tata Communications to find new offices in London. The brief was simple, to find us as much space as possible in the best possible location for the least cost possible.
Nick has proved professional in his dealings across all levels of management and very quickly presented us with a number of viable options. The offices we finally settled on are fantastic value for money and provide an ideal environment for our employees.
I honestly do not believe we would have found our new central London location and been able to present such as strong business case to the Board without Nick’s assistance.”
McCalmont-Woods has acquired expansion space for one of Northern Europe’s leading energy groups DONG Energy, which is headquartered in Denmark.
DONG Energy has been operating in the UK since 2001, when it was granted three oil and gas exploration licences. It has a major interest in some of the largest recent discoveries in the West of Shetland region of the North Sea.
DONG Energy is also the market leader in offshore wind. It has more than 30 years experience in wind power and more than 20 years experience in developing, building and running wind farms. While the majority of its wind power capacity was originally located in Denmark, an increasing amount is derived from offshore wind farms in the United Kingdom.
DONG Energy has expanded into a further 14,483 sq ft on part of the first floor at 33 Grosvenor Place, Belgravia, London, SW1 where McCalmont-Woods negotiated a new 5.75 year sub-lease from Hess Limited at a rent of £42.50 per sq ft with a nine month rent free period.
Ruth Hart-Leverton, DONG Energy’s Chairman’s Secretariat said:
“I had the pleasure of working with Nick recently on the acquisition of an additional 14,500 sq ft in our London headquarters. Nick was instrumental in helping us to complete the contract quickly and in securing the best deal possible. I would have no hesitation in recommending Nick and would be happy to work with him again.”
Barclays Bank has brought in McCalmont-Woods to jointly advise with BNP Parisbas Real Estate on the disposal of its surplus space at Hertsmere House, West India Quay, London, E14.
McCalmont-Woods is currently marketing 4,683 sq ft on the ground floor. The accommodation is available on a new effective full repairing and insuring sub-lease for a term until April 2013 at a quoting rent of £12.50 per sq ft.
McCalmont-Woods negotiated a 75% saving for the The Newspaper Society on the proposed increase in a recent rent review on its 5,000 sq ft 8th floor offices in St. Andrew’s House, 18-20 St. Andrew Street, EC4.
Founding director Nick McCalmont-Woods said: “The new rent agreed with landlord PriceWaterhouseCoopers LLP at the 29th September 2008 review date represents an uplift of just 4% on the current rent.”
Lynne Anderson, Communications Director at The Newspaper Society said: “We are all looking to keep operating cost increases to a minimum. McCalmont-Woods delivered.”
The Newspaper Society represents and promotes the interests of Britain’s regional and local media. It was founded in 1836 and is thought to be the oldest publishers’ association in the world.
Acquisition of 18,685 sq ft in 20 Old Bailey, EC4 for TATA Communications
Bespoke financial adviser Welbeck Wealth Management has acquired the 20,000 sq ft fourth floor at City Place House, 55 Basinghall Street, EC2. The firm’s impressive growth sees Welbeck, advised by McCalmont-Woods, taking a 7-year lease at £33.00 per sq ft.
Welbeck provides wealth management advice to over 5,000 City clients and is now part of the Openwork Network, one of the largest franchise networks of financial advisers in the country. It was previously located at 130 Wood Street, EC2.
Acquisition of 17,000 sq ft in 30 St. Mary Axe, EC3 for Abbey Business Centres (Image courtesy of Guardian News & Media Ltd 2006).