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.