NEWS AT DEVONO

New office space acquired in Fitzrovia, W1

Our client is a multi-screen video brand advertising software and solution provider. When they initially approached us they were concerned about taking office space whilst their business was still expanding. They didn’t want to over commit to too much space but they also didn’t want space that they would outgrow quickly.
 
DeVono Cresa advised that short term, plug and play offices would probably be the best option for them. We did however show them a range of buildings including both short term subleases and also conventional new 5 year leases.
 
Once 3 options had been shortlisted and cost and suitability compared, DeVono Cresa proceeded to review them with our clients board in the US.
 
The favoured option and the perfect solution was on fashionable Rathbone Place, W1 well known for its vast array of restaurants. The floor benefited from the previous occupiers internal fit out and had the benefit of being a short term sublease which sat perfectly in line with their growth strategy.
 
DeVono Cresa negotiated a favourable rent and a limited dilapidations liability. Heads of Terms were agreed by all parties and solicitors instructed in a fairly short period of time and DeVono Cresa under took a weekly conference call with their board in the US.
 
We check measured the office floor to make sure that our client was paying for what they were actually receiving and we also produced a photographic schedule of condition which limited the reinstatement obligations at the end of the lease term. We also advised on service charge caps and business rates liability.
 
DeVono Cresa look forward to helping them again in the future when they look to re-consider their real estate activity.

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