moorgate

Objective

Cazenove leased 100,000 sq ft close to the Bank of England in nine inter-connecting buildings that had been adapted to accommodate the ongoing needs of the business. To meet its growth expectations over the next decade, Cazenove sought to consolidate its operations into a single new building of around 155,000 sq ft, maximising the efficiency of the working environment for clients and staff.

 

Services Provided

In order to reach objective decisions to include a clear strategy for timetabling and implementation, Nick advised Cazenove’s partnership on:

  • the timetable in which the Partnership needed to decide whether to ‘stay or go’
  • the current and projected status of The City and Canary Wharf office markets with an assessment of how the supply and demand pipeline might affect rental value
  • a cost benefit analysis of the Partnership continuing to invest in the infrastructure of its existing buildings
  • the likely cost of terminal dilapidations and reinstatement to be borne by the Partnership on relocation

 

The decision was taken to relocate and Nick then managed:

  • the formulation of a detailed occupational brief
  • research into size, deliverability and timing of properties available for pre-letting
  • arranging site inspections and presentations with potential landlord/developers
  • generation of DCFs to illustrate total occupational costs over the projected lease term
  • review of relevant investment considerations and impact on profit sharing arrangements
  • the drafting and negotiation of heads of terms

 

Result

By agreeing to accept a certain level of risk and cost and electing to relocate in what was then a relatively depressed City office market, Cazenove was able to acquire a new purpose-built headquarters building with a bespoke specification in a prime City location on extremely competitive rental and lease terms.

canada-square

Objective

IBTimes had outgrown its existing 2,200 sq ft offices in Canary Wharf and needed to move to larger premises. Having originally let IBTimes its existing offices, McCalmont-Woods was tasked with the job of identifying new offices on the Canary Wharf estate for IBTimes to move into.

 

Services Provided

A comprehensive market research exercise was undertaken leading to McCalmont-Woods inviting landlords on a select number of buildings to submit RFPs for consideration. The initial long-list of building options was then reviewed against a set of key criteria agreed with IBTimes and subsequently reduced to a shortlist of preferred options. Detailed cash-flows were produced on each option to assist with overall cash-flow management including fitting-out; timetable for relocations and last but not least, the rent and tenant incentive package to be agreed.

 

Result

McCalmont-Woods successfully negotiated the acquisition of 6,280 sq ft on a new 5 year lease for IBTimes UK on the part 34 floor at Citi’s 25 Canada Square.

 

Client Benefit

The premises acquired provided fully-fitted accommodation for over 80 staff which IBTimes to keep its capex costs to a minimum at the same time as providing room for future business growth.

 

tata-lg

Objective

TATA Communications wished to relocate its London operations into 15-20,000 sq ft office premises situated in a more central location (than their existing Docklands offices) for the least cost possible (in terms of operational and capex costs).

Services Provided

A comprehensive market research exercise was undertaken by McCalmont-Woods leading to a shortlist of potential options being drawn up. Detailed cash-flows were then prepared on each building, leading to a preferred relocation option being selected with heads of terms agreed and Board approval obtained, all within four months from the date of appointment.

Result

McCalmont-Woods successfully negotiated the acquisition of 18,685 sq ft offices for TATA Communications on a new sub-lease from Accenture at 20 Old Bailey, EC4 on extremely competitive terms. The premises identified benefited from a full office fit-out that included meeting rooms, comms room and kitchen facilities providing effective ‘plug & play’ offices with circa 160 desks and associated office furniture already in-situ and ready for immediate use.

Client Benefit

TATA Communication’s HR Director, Fionnula Bentley said ‘The offices we finally settled on are fantastic value for money and provide an ideal environment for our employees.”

23-College-Hill_photo-04

Objective

Dominion Corporate Services Limited wished to exit its offices in 23 College Hill, EC4 and so in March 2013 appointed McCalmont-Woods to manage the disposal of its 6th floor lease which still had 5 years to run to March 2018, subject to a 3 year tenant’s break option. The £55.00 per sq ft rent passing was subject to a rent review in April 2013.

Services Provided

McCalmont-Woods devised and implemented a marketing campaign aimed at occupiers interested in the opportunity to benefit from the flexible lease term available and also the potential significant capex savings that would result from being able to re-use Dominion’s existing high quality office fit-out. In addition McCalmont-Woods formulated a strategy for negotiating the upward only rent review against Dominion’s immediate landlord in order that the outstanding lease event would not impinge on Dominion’s ability to dispose of its surplus lease.

Result

McCalmont-Woods succeeded in identifying a US based investment bank to take an assignment of Dominion’s lease within four weeks from commencement of formal marketing.

Client Benefit

Dominion achieved c.80% lease cost savings and was also able to recoup seven months rent deposit on completion of the lease assignment.

fishlens

Objective

Abbey Offices was keen to expand its network of business centres across central London by opening a new prestigious facility located in the City core.

Services Provided

In June 2008 McCalmont-Woods identified and introduced 30 St.Mary Axe, EC3 to Abbey Business Centres Ltd where Swiss Re had taken the decision to release 17,000 sq ft of fitted-out space within the iconic ‘Gherkin’ building. The accommodation was situated on the 15th floor, the highest floor occupied by Swiss Re, with commanding views over the City of London and across to the West End and Canary Wharf.

Result

Whereas Swiss Re had initially been seeking to let its surplus offices on a traditional lease at a quoting rent of £62.50 per sq ft, McCalmont-Woods was able to convince the swiss insurer to enter into an Operator Management Agreement with Abbey Offices instead and after twelve months exhaustive negotiations, Abbey opened its new City business centre in June 2009.

Client Benefit

The innovative structure of the OMA required the creation of a detailed financial model allowing both parties to benchmark future operating success.