In July we successfully closed a high-value deal for one of our commercial clients. It is an international investment company based in Moscow that is opening its first office in the UK. We found the new office space for them in Central London.
The client’s requirements included many criteria that not always can be easily combined in one office space altogether:
- Location within Mayfair or St James’s;
- Ceilings not lower than 9ft;
- A-class building with reception;
- Own kitchen inside the office;
- A balcony or a back garden;
- Individual office room within the larger office space;
- Relatively small office size (1600-3200 sqft);
- Modern interior with high-quality decor.
We are used to facing our clients’ higher expectations about ceilings height in residential properties. However, with the industry standard being 8.2-8.5ft, a high ceiling in office buildings is an even rarer find. This criterion significantly narrows the search and raises the rent rate. With many period buildings in Mayfair and St. James’s, we managed to find office spaces meeting this requirement. Unfortunately, they always went together with time-honoured traditional and often dated interiors.
The hunt’s been on for 3 months and we organised dozens of viewings for our client. In the end, they decided in favour of a serviced office in a penthouse of a new building in Fitzrovia.
The rent included:
- office furniture;
- integrated kitchenette with appliances for tea, coffee and drinking water;
- daily cleaning;
- utility bills;
- shared space: lounges, gym, bikes storage.
As per the client’s requirements, it was the only office on the floor of 1615 sqft, with a modern interior design and a separate office room inside. Opening windows with panoramic views to Fitzrovia made up for a balcony, which is also a rare find: windows in London offices not always can be opened. We represented our client in negotiations with the landlord and secured a 10% discount.
In real estate deals in London, it’s not enough to just find the right property. A large part of our work starts after the property’s been found and the lease negotiated. It includes referencing procedures, agreements on contract terms and payments. Our Commercial team led by Anna Petrenko worked hard and secured the deal just in time for our client’s UK launch.
Published 29 July 2021