Summary
Client recently aligned its business with an international company. As part of their requirements, they needed to secure a CBD presence and be operating in an A Grade office circa 800 sqm within 3 months.The client engaged our services to assist with the process of identifying, reviewing A grade office space for lease within a 300 meter radius of Martin Place (CBD). We were to represent our client in lease negotiations once we identified the right property and completed necessary due diligence. The brief included the following tasks:
- analysis of current market rents
- assist the client define its accommodation criteria
- circulation of brief (encompassing above criteria) to all active leasing agents in the market identifying potential premises which included off market opportunities, conducting inspections and discussion of likely terms of lease
- negotiate the final lease proposal
- Review of lease terms document and recommendations to clients’ solicitor
Key Points
After an extensive search and due diligence process, we negotiated favourable lease terms on a fully fitted out A grade office in the CBD owned by Charter Hall. The existing tenants were keen to surrender their tenancy and the opportunity to secure a fully fitted out office was very attractive to our clients. In addition to this, we negotiated a favourable incentive over the term of the lease and in addition received an upfront payment to contribute to some additional offices fitout.