Just nine years into its history IBT Media, owner of the International Business Times and Newsweek among other titles, has enjoyed the kind of stellar growth most media players only dream of. Their overall readership has grown 70% in the past year. In the last year alone, IB Times UK, one of their leading web news properties has gone from 12,500,000 to an astonishing 21,000,000 unique visitors a month. These achievements are delivered by a growing team of cutting edge journalists, editors, technologists and others.
But with this growing stable of titles and increasing headcount have come the challenges of finding the perfect real estate for its ever extending operation. They turned once more to McCalmont-Woods, the specialist London commercial office real estate agency, who have acquired for them a stylish new 13,000 square foot office at Citi’s 25 Canada Square, in London’s Docklands.
This has been a long-term relationship for the two companies. Back in 2009 McCalmont-Woods let IBT Media their first London office in Canary Wharf – some 2,200 sq ft on the 34th floor of One Canada Square. Sufficiently impressed by the professionalism and expertise of the agency, in 2012 IBT Media contacted McCalmont-Woods again and to deal with its still rapidly growing needs. IBT Media duly took up its new home in 6,280 square feet on the 32nd floor of Citi’s 25 Canada Square, with capacity for around 80 staff. But their growth has been relentless, so the story doesn’t end there.
In early 2015, IBT Media once again asked McCalmont-Woods to advise it on relocation. In another doubling of their operation, both companies are thrilled to announce today the move to their new 24th floor, 13,000 sq ft offices once again at Citi. Cushman & Wakefield acted for Citi.
Nick McCalmont-Woods, CEO of McCalmont-Woods commented: “IBT Media has been a remarkable success story. In the six years I have been involved with them their space requirements have risen by 486% from 2,217 square feet in 2009 to just over 13,000 square feet today. Our deep understanding of their business has meant we’ve been able to help them locate intelligent, future-proof workspaces that support that amazing growth.”
Founded and headquartered in New York in 2006 by Etienne Uzac and Jonathan Davis, IBT Media is a global digital news organisation with ten online news brands including International Business Times and Newsweek. Its UK and EMEA headquarters are in London set up and run by Dev Pragad, Managing Director for IBT Media’s international arm. Still in its first decade, the company has undergone rapid growth and made the headlines in late 2013 it when it acquired Newsweek from IAC.
Dev Pragad, UK & EMEA Managing Director of IBT Media said: “Our stats are a bit dumbfounding. IBT Media’s readership has grown 70% in just the last year. The operational effect of that means we’ve gone from 2,200 to 13,000 square feet in 6 years. Four moves in 9 years… our growth is pretty staggering – and in under a decade we’ve grown two-fold from 80 to 160 staff. With this kind of growth space keeps becoming an issue and as a news business we need efficient, strategic transitions when we move. McCalmont-Woods were remarkable at finding us cost-effective rent terms and negotiated a very favourable deal for us. We couldn’t be happier with them.”
Rugby World Cup-winning coach, Sir Clive Woodward, was the guest of honour, at the opening of Tata Communications’ new European headquarters in the City, in early June. Tata Communications is part of the $100 billion (£64 billion) Tata group, one of the largest private sector employers in the UK.
Sir Clive, the 59-year old former rugby union player and the Webb Ellis Cup-winning coach of England, discussed the importance of understanding technology and data in order for businesses to stay ahead and how understanding of sport science technology and data was central to his team’s success in 2003. “Great teams are made of great individuals” and “Talent alone is not enough” were two of the key messages to the assembled 150 Tata Communications staff and guests at the lavish event which included cocktails and canapés, crafted by Michelin-starred chef Joël Robuchon.
Looking out at the backdrop of Southwark Bridge, Vinod Kumar, managing director and CEO of Tata Communications, who had flown in from Singapore to attend added: “It may be the quietest bridge in London, but this is the busiest office in London… at least as far as our competitors are concerned. This is probably the best office we have in the whole world.”
Nick McCalmont-Woods, CEO of niche London real estate agency McCalmont-Woods, who acquired the new 16,600 sq ft offices in Vintners’ Place, 68 Upper Thames Street, EC4 was thanked by Julie Woods-Moss, Tata Communications’ chief marketing officer and CEO of Nextgen Business. She also praised the new office: “It’s in the heart of the Square Mile, overlooking the Thames and Shakespeare’s Globe. It’s wonderful to gather together all of our staff and their guests to toast this fabulous new facility.
“Our new London office is a fantastic showcase of the Tata Communications brand. We have worked with one of London’s top design agencies to create a dynamic, energising space that encourages collaboration and brings out the best in our teams, to innovate and to lead in the market. We are looking forward to many prosperous years in our new home.”
McCalmont-Woods has acquired a new European headquarters for Tata Communications (UK) Limited in Vintners’ Place, EC4 in the City.
The new offices comprise of 16,638 sq ft on Level 2 (North Wing) in Vintners’ Place, 68 Upper Thames Street, EC4 on a new sub-underlease from Getco Europe Limited.
The Tata Communications Global Network reaches more than 240 countries and territories, 99.7% of the world’s GDP, millions of businesses, and billions of people.
Tata Communications has been a long standing client of McCalmont-Woods. The niche London real estate agency acquired its previous 18,600 sq ft offices at 20 Old Bailey, EC4 in 2010.
The catalyst for the latest move was Blackstone’s purchase of 20 Old Bailey from Mitsui Fudosan, in December 2013, with its plans to extend and reposition the building. All the existing leases expired between December 2014 and March 2015.
McCalmont-Woods CEO Nick McCalmont Woods said: “An interesting facet of this deal was the new space on the north bank of Southwark Bridge, had only been occupied for a very short time by Getco. Tata Communications was able to acquire the offices with the benefit of a virtually brand new existing fit-out including structured cabling; comms rooms; kitchens; boardroom, private offices; reception and meeting rooms and furniture. This meant McCalmont-Woods was able to deliver huge capital expenditure savings in addition to the very competitive rental and rent-free terms negotiated.”
Getco which was an American proprietary algorithmic trading and electronic market making firm was advised by Cushman & Wakefield.
Julie Woods-Moss Chief Marketing Officer & CEO Nextgen Business Tata Communications said: “Nick did a fantastic job of finding Tata a great property in central London. We had tight budgets and tight timelines and Nick over delivered in spite of our constraints. He was professional and responsive at all times and a real pleasure to work with.”
Trinity Mirror, advised by McCalmont-Woods has sublet the 10,521 sq ft remainder of the 19th floor of One Canada Square, Canary Wharf to High Speed Two (HS2).
Trinity Mirror is one of the largest multimedia publishers in the UK and Ireland with an award-winning portfolio of media brands employing over 4300 people across more than 48 locations around the country. HS2, is the company responsible for developing and providing the UK’s new high speed rail network and is wholly owned by the Department for Transport.
This is the second deal in just seven months with HS2. In May 2014, Trinity Mirror, also advised by the niche London real estate agency, let the first part of the 19th floor comprising 16,410 sq ft to HS2 on a new sub-lease expiring in June 2018. The new December, 10,521 sq ft sublease is on a coincidental lease term. It takes HS2’s occupation on the 19th floor to 27,000 sq ft and 81,000 sq ft in total in the iconic Canary Wharf tower. GM Real Estate act for HS2.
McCalmont-Woods CEO, Nick McCalmont Woods said: “When it was built One Canada Square was, and is arguably still, the finest piece of UK real estate. As a previous tenant in the building it is always interesting to revisit clients and assist on reconfigurations within the tower”.