Break option strategy
Ipes / Apex
Relocation, acquisition & disposal
Cooke, Young & Keidan
Why due diligence is essential
Start-up law firm
Why market research is key
Newsquest Media Group
Why a Plan B is important
Pre-fitted offices (Part 2 of 2)
Orsted (previously known as DONG Energy) is a renewable energy company headquartered in Denmark employing 5,600 people including over 900 in the UK. Its shares are listed on Nasdaq Copenhagen and in 2017 the group's revenue was DKK 59.5 bn (EUR 8.0 bn).
MWRE was tasked with developing a property strategy for DONG Energy which recognised that the business occupied some 50,000 sq ft under six leases in London from different landlords, all of which leases were due to expire within a short 2-3 year timeframe.
With headcount in London expected to grow significantly beyond existing lease expiry dates it was important to identify a new headquarters building that would be available to meet the businesses' future growth needs within the timescale identified. In addition any new building would also be required to meet various exacting technical, environmental and sustainability requirements in keeping with the businesses' corporate image and standards.
Against the backdrop of an increasingly tight London office market with low levels of supply and high levels of occupier demand, MWRE was successful in identifying and securing 81,000 sq ft Grade A offices in an award-winning building at 5 Howick Place, Victoria, SW1 for Orsted some 18 months ahead of lease expiry on highly competitive terms.
Marketform / Neon
Why size matters
J.P. Morgan Cazenove
London Docklands rent review
McCalmont-Woods was instructed by JP Morgan Cazenove to negotiate the upward only rent review and mitigate any increase in rent payable as at the 29th September 2009 review date.
Consideration of existing lease contracts and provisions for rent review
Comprehensive research into, and analysis of, comparable evidence in the Docklands offices sub-market as at the valuation date
Preparation of initial report to client outlining McCalmont-Woods' recommended strategy
Negotiations with landlord's agent to include submission of a 'Calderbank' offer
Preparation of Statement of Agreed Facts and Statement of Agreed Evidence as a prelude to a full Arbitration
McCalmont-Woods negotiated a saving for JP Morgan Cazenove on the increase proposed by the landlord, equivalent to almost £1m in rent over the 5 year lease term remaining.