Dominion Corporate Services Limited, advised by McCalmont-Woods, has assigned the lease on its 3,000 sq ft 6th floor offices in 23 College Hill, EC4 to US investment bank, Cohen & Company Financial Limited. McCalmont-Woods was able to identify and then agree terms with the ingoing tenant in four weeks from commencement of marketing, generating in the process c.80% lease cost savings for Dominion.
Ben Cook, Managing Director, Dominion Asset Management said, “Nick McCalmont-Woods represented us when disposing of a UK lease. From initial contact through viewings, negotiation and deal closing he has been solid as a rock. His experience, contacts and professionalism have been invaluable and I would not hesitate in recommending him to anyone looking for help with commercial real estate”.
The International Accounting Standards Committee (IASC) needed to acquire additional offices either in, or located close by, its existing London premises to accommodate expansion. The situation was complicated by the fact that the IASC’s existing leases in Cannon Street were due to expire in 12 months time and that its landlord was actively seeking to sell on the freehold interest in the building in order to capitalise on a rising investment market.
Nick negotiated the acquisition of a new and separate leasehold interest on part of the ground floor (west) in 30 Cannon Street while simultaneously restructuring and extending the IASC’s existing leases on the accommodation it occupied on the part basement, part ground floor (east) and first floors in the building.
Nick also negotiated capping the service charge on both the new and existing leases, yielding immediate cost savings.
With Nick’s assistance, the IASC was able to explore a broad range of options in a relatively complex situation, and in ensuing negotiations. The strategy of leveraging the acquisition of new premises with the grant of a reversionary lease 12 months in advance of lease expiry resulted in a very satisfactory (and financially beneficial) outcome for the IASC Foundation.