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.
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.
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.
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.