Hartree Partners, LP is a global merchant commodities firm specialising in energy and its associated industries. Founded originally as Hess Energy Trading Company LLC (HETCO), Hartree’s business spans 10 offices around the world.
Hartree occupied 8,000 sq ft offices in a building earmarked for redevelopment in London’s West End. At lease expiry, the business faced the prospect of being forced to relocate to alternative premises in competition with all other tenants being similarly displaced, and in a market where the supply of office space was severely constrained. Hartree appointed MWRE after a previous property deal had fallen through at a late stage, leaving the business with a very tight timetable in which to find a new office space.
MWRE negotiated for Hartree to acquire a large single floor of 11,300 sq ft at Cardinal Place, 100 Victoria Street, SW1 under a new 10 year lease to maximise the level of tenant incentive package available to the business and a LTA 1954 protected lease provided security of tenure for the the business.
The 2,200 sq ft balance of space deemed surplus to Hartree’s immediate needs was sublet on short-term lease basis (to a strong covenant) which generated rental income and provided the business with expansion space to cater for future business growth.