Case Studies
Government Agency
Central London Accommodation Strategy
Location, size and uses
Approximately 160,000 sq ft high-class offices in a modern business park environment on the South Bank of the River Thames.
The brief
The client occupied a variety of buildings and floors in this estate. Dictated by operational need, it needed to expand rapidly but preserve flexibility for further expansion or contraction while containing its costs of occupation against a backdrop of escalating market rents.
Knight Frank investigated the availability of offices elsewhere before working with the client to devise and evaluate strategic options to secure extra space on the already fully-let estate and improve security.
Key objectives and constraints
We advised the client on a series of negotiations with the landlord and other tenants to secure additional space by lease assignment, surrender and re-grant while minimising the client’s liability to stamp-duty and coping with its challenging statutory property procurement rules. In a further round of negotiations we secured a further pre-let for an innovative infill development between two existing buildings on separate (non-coterminous) leases and a favourable settlement of an onerous outstanding rent review.
Actions and outcome
Additional space was secured on flexible and attractive terms, long-term costs were contained and control over security improved.
Knight Frank input
Office Agency.
Landlord & Tenant (lease restructuring).
Building Consultancy.
Rating.
