A Shipping company approached DeVono Cresa 12 months prior to their lease expiry seeking commercial property advice in relation to their international headquarters office in the West End of London.
Our client required us to provide them with a feel for the London office market, so DeVono Cresa presented a researched breakdown of rent trends and current values along with all relevant on and off market office options.
The search kicked off in earnest with plenty of time to spare, focusing on fitted out offices in Mayfair, W1.
At the outset there were no buildings that matched their criteria, so the search area was then extended to include Marylebone, Fitzrovia and St James’s.
More than 50 buildings were considered on paper before they saw and approved of a space on Dover Street, W1 and negotiations started.
It was quite clear at an early stage that the financial values both DeVono Cresa and our client placed on this office were never going to be met so alternative options were sought.
DeVono Cresa then carried out a sweep up of all existing and new buildings and a new excellent option on Brook Street, W1K came to light. It was an assignment of an existing lease at a very competitive rental level. It was also already fitted out and included furniture.
Heads of Terms for the Brook Street office space were negotiated by DeVono Cresa and quickly agreed between all parties, with an agreement for the retention of all the furniture and fittings.
A very swift completion was met in a 4 week period which gave our clients the opportunity to move in and begin working in their new HQ.