Acquisition (Start-up)

The Salisbury House

Porta Wealth Management

Salisbury House, EC2

Objective Services Provided Result

Acquisition (Pre-letting)



20 Moorgate, EC2

Objective Services Provided Result

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.

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'

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.


Acquisition (Small)


IBTimes UK

25 Canada Square, E14

Objective Services Provided Result

In September 2004, The Newspaper Society decided to leave its existing premises in Bloomsbury House where it occupied 7,320 sq ft out of a total leased space of 12,600 sq ft.

A move to more cost competitive buildings in The City, Holborn and Docklands was considered.

A new lease was agreed on 4,912 sq ft on the 8th floor of St. Andrew's House, 18-20 St. Andrew's Street, London EC4 in The Newspaper Society's preferred Holborn location on cost-effective terms that provided a cap on both the service charge and future rent review.


Acquisition (Pre-fitted Space)


TATA Communications

20 Old Bailey, EC4

Objective Services Provided Result

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).

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.

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.


Disposal (Assignment)


Dominion Funds

23 College Hill, EC4

Objective Services Provided Result

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.

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.

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.


Acquisition (OMA)


Abbey Offices

30 St. Mary Axe, EC3

Objective Services Provided Result

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.

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.

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.




Cable & Wireless

26 Red Lion Square, WC1

Objective Services Provided Result

Cable & Wireless sought to reduce its headcount by 2,700 in the UK by the end of June 2001, thereby releasing surplus offices for disposal.

Inspection of all relevant properties and supporting lease documents

The disposal of 42,000 sq ft in 26 Red Lion Square to The Economist Group helped release funds for the business at a time when they were most needed.


Rent Review


Cazenove Capital

12 Moorgate, EC2

Objective Services Provided Result

McCalmont-Woods was referred by its existing client JP Morgan Cazenove and was subsequently instructed by Cazenove Capital Management to negotiate the upward only rent review and mitigate any increase in rent payable as at the 24th June 2008 review date.

Consideration of existing lease contract and provisions for rent review
Analysis of City offices market encompassing thorough study of any relevant comparable evidence as at the valuation date
Preparation of initial report to client outlining McCalmont-Woods' recommended strategy
Inspection of suitable premises and relevant comparables
Negotiations with landlord's agent to include submission of a 'Calderbank' offer

McCalmont-Woods negotiated an 83% saving for Cazenove Capital Management on the increase proposed by the landlord, resulting in a minimal uplift of 1.5% on the rent passing. The settlement was reached by negotiation between the parties without the need for independent arbitration.


Acquisition (Large)



25 Canada Square, E14

Objective Services Provided Result

SunGard needed to consolidate its operations into a single new facility based in the capital's financial district.

An initial strategy paper was prepared for SunGard that addressed:
an overview of its central London portfolio

Working closely with SunGard's representatives, principally the Group CFO and the Group Facilities Manager for SunGard Europe, Nick acquired a total of 84,000 sq ft offices from Citigroup in 25 Canada Square, Canary Wharf under four separate leases.


Rent Review


J.P. Morgan Cazenove

Exchange Tower, E14

Objective Services Provided Result

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.


Acquisition (Medium)



8 Lloyds Avenue, EC3

Objective Services Provided Result

Leading specialist liability insurance provider Marketform identified the need to relocate from its existing premises in Lime Street, EC3 to larger, higher-specification premises to support the burgeoning needs of the business.

A realistic budget was determined and after an extensive market search, a larger, self-contained building providing 20,000 sq ft was identified as a potential suitable option.

Nick was able to negotiate a new 10-year lease on the property at a low initial rent that would rise each year up to the rent review in five years time.


Lease Restructure


IASC Foundation

30 Cannon Street, EC4

Objective Services Provided Result

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.