NEWS AT DEVONO

PR company without a lease in W1 seek DeVono Cresas expertise

Our client is the longest established Public Relations company in Britain. Their main PR focus has been within the food, drink and catering sectors. 

They had been in occupation in their existing premises in Fitzroy Square, W1 for over 15 years. However for various reasons they did not have a formal leasing arrangement in place with their landlord as they had not been properly advised by an occupier specific commercial property advisor in the past. 

DeVono Cresa initially met with them to discuss the advice surrounding the practical opportunity for them to remain in situ under a new formal lease arrangement and DeVono Cresa were formally instructed to act on their behalf following this review.

DeVono Cresa formally approached their landlord and it quickly became clear that they were unwilling to offer attractive financial and leasing terms on the basis of a new lease and DeVono Cresa therefore advised to extend the search to alternative buildings and office premises. 

After a review of all available on and off market office options in the West End of London, various options were found, viewed and analysed until a property on Frith Street, W1 was confirmed by our client as the favoured option.  

Heads of Terms for Frith Street were then negotiated by DeVono Cresa and agreed between all parties over a relatively short period of time. 

Our Building Surveying Department advised on placing a strategy in place with their current landlord to discuss their existing dilapidations and exit from the existing office space, which resulted in significant savings. 

Advice from our Project Management Team also included practical elements in relation to protocol for the licence for alterations.

The owner of the firm commented, “…Hurrah! Thanks one and all, for sustained input in the face of Oxford’s finest legal eagles…”

Our client is the longest established Public Relations company in Britain. Their main PR focus has been within the food, drink and catering sectors. 
They had been in occupation in their existing premises in Fitzroy Square, W1 for over 15 years. However for various reasons they did not have a formal leasing arrangement in place with their landlord as they had not been properly advised by an occupier specific commercial property advisor in the past. 
DeVono Cresa initially met with them to discuss the advice surrounding the practical opportunity for them to remain in situ under a new formal lease arrangement and DeVono Cresa were formally instructed to act on their behalf following this review.
DeVono Cresa formally approached their landlord and it quickly became clear that they were unwilling to offer attractive financial and leasing terms on the basis of a new lease and DeVono Cresa advised to extend the search to alternative buildings and office premises. 
After a review of all available on and off market office options in the West End of London, various options were found, viewed and analysed until a property on Frith Street, W1 was confirmed by our client as the favoured option.  
Heads of Terms for Frith Street were then negotiated by DeVono Cresa and agreed between all parties over a relatively short period of time. 
Our Building Surveying Department advised on placing a strategy in place with their current landlord to discuss their existing dilapidations and exit from the existing office space, which resulted in significant savings. 
Advice from our Project Management Team also included practical elements in relation to protocol for the licence for alterations.
The owner of the firm commented, “…Hurrah! Thanks one and all, for sustained input in the face of Oxford’s finest legal eagle

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