22 Sackville Street, Mayfair, London, W1
The Client
Paul Capital is a global alternative investment firm and an innovator in global private equity with dedicated teams of primary fund of funds, secondary private equity and healthcare experts. The firm is committed to creative and innovative solutions that provide flexibility to meet the unique needs of institutional investors around the world.
The Project
Office acquisition and lease negotiation of their London office.
The Challenge
Alex was instructed to advise on identifying a new modern single floor in Mayfair as the client's lease was expiring at their existing office in Albemarle Street, due to the building being sold by the existing owners and converted into prime residential.
The main challenge, was to secure the appropriate premises at the best possible terms in a very tight market and all within a strict time frame.
The Solution
Initial reporting was carried out to provide an overview of the Central London office market, to enable Paul Capital's head office in San Francisco to decide their exact needs and cost expectations for the London office.
A comprehensive search for a single floor of circa 3,000 sq ft was carried out, specifically looking at the West End prime sub market of Mayfair and the possibilities close by in St James's, another prime sub market of the West End.
With limited availability in the market and very little coming through as newly refurbished landlord stock, Alex had to work closely and quickly with the client to un-earth any opportunities that were "off market" i.e. not known about in the wider market place.
After many inspections and a lot of searching, 22 Sackville Street in Mayfair was identified as being the most suitable building and location for the business, which was undergoing a major refurbishment programme by the owner, Sir Richard Sutton Settled Estates.
A new lease was agreed on the 4th floor comprising 2,533 sq ft at a discounted rent from the quoting rent proposed initially by the landlord and the client was granted a substantial rent free period from commencement of the lease.
As the exit from Mellier House, Albemarle Street was imminent, due to the impending sale, the fit out of the new office was subject to a tight time frame, contractors were approached and tendered for the work with Bluu Solutions winning the tender and delivering as promised on time and on budget.
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 tight time frame and within a tightening property market with limited stock.
The expectations of the client were fully met with bigger, more modern & flexible offices in a prime Mayfair location, allowing easy access to and from their clients located in Central London.