35 Park Lane, Mayfair, London, W1
The Client
A global asset management company which operates through a diverse group of outstanding boutique investment firms. The client's unique partnership approach aligns incentives through equity ownership and preserves the entrepreneurial orientation that distinguishes the most successful investment management firms.
The client today manages approximately $463 billion in assets.
The Project
Office acquisition and lease negotiations of their new London office and exit strategy from their existing smaller London office.
The Challenge
Alex was instructed to advise the client in identifying their new Central London headquarters, as they had outgrown their existing offices that they had acquired some years previously at 17 Old Park Lane. The aim was to acquire a new larger single office floor, in a location and building reflecting the client's global image.
The initial challenge was to help the client's decision makers back at their HQ in the US develop a detailed and simplified knowledge base of the Central London office market.
Of great significance was the differences between US and UK market practices. The other main challenge was to identify and secure appropriate premises in an increasingly tightening market.
The Solution
Initial reporting was carried out to provide an overview of the Central London office market. A comprehensive search for a prime 5,000 sq ft floor was undertaken across all principal sub-markets. Alex worked closely with the client both in the UK and back at HQ in the US.
Having identified 35 Park Lane, a building fully re-developed by CREMS and subsequently acquired by Consensus Business Group, the entire 5th floor at the top of the building was found to be already under offer to a well known UK based wealth manager. Detailed and difficult negotiations were then undertaken to secure the space for the client, to agree a tri-partite agreement between the landlord CREMS, agree a surrender of the existing lease to Consensus Business Group and agreeing a new lease with the client. Finally having wrestled the space from the other party, a market rent was agreed, with the client benefiting from a substantial rent free period.
The move from 17 Old Park Lane was critically important as time was of the essence with an impending break option that had been exercised. The fit out of the new office therefore had to be carried out on time and on budget, and exceptionally quickly. Contractors were approached and tendered for the work with Bluu Solutions winning the tender and delivering as promised all within a tight time frame.
The Benefits
All key criteria to the client's requirement were met. The new office was acquired on time and on budget, all within a very tight time frame. The expectations of the client were fully met with bigger, better offices serving more staff and allowing more high level visits from senior staff from HQ in the US.