Leading UK investment bank JP Morgan Cazenove appointed McCalmont-Woods in early 2008 to undertake its outstanding 24th June 2006 rent review on its 8,500 sq ft building at 9-10 Tokenhouse Yard, EC2 in the heart of London’s prestigious City business district.

The lease under which JP Morgan Cazenove occupies the building is very rare today in the City, being held on a 100-year term from 1963, with 57 years unexpired at the review date.

An additional complication to this unusual lease was that there was no disregard for tenant improvements. Unsurprisingly, since taking occupation, the tenant had made a number of major internal improvements, including the installation of comfort cooling and a passenger lift.

The review cycle alternates every 10 and 11 years, so founding director Nick McCalmont-Woods expects to be 96 years ‘young’ when the agreed annual rent is finally reviewed in 2058!


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.
Services provided
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.


Acquisition of 84,000 sq ft in 25 Canada Square, Canary Wharf, E14 for SunGard.

The 84,000 sq ft acquisition from Citibank under four separate leases afforded SunGard the flexibility it required to draw down and exit space on a phased basis to match the intended exit of various sites in London and abroad. The transaction resulted in Nick being recognised for closing GVA Worldwide’s largest international deal in 2006.