29 Ludgate Hill, London, EC4
The Client
Curtis Davis Garrard LLP (CDG) is a leading law firm providing a range of services to the maritime and oil and gas sectors, with a particular involvement in shipbuilding and offshore energy construction projects and disputes.
The Project
Office acquisition and lease negotiation of their new London office.
The Challenge
Alex was instructed to advise on identifying a new modern single floor in Central London whilst comparing the options found within the limited availability of the Thames Valley and in particular office parks close to Heathrow, where CDG was already based on Stockley Park.
The initial challenge was to help the clients decision making process in deciding "Heathrow versus Central London" and the obvious cost implications that would entail.
The other main challenge, having agreed upon moving to London, was to secure the appropriate premises at the best possible terms in a very tight market.
The Solution
Initial reporting was carried out to provide an overview of what was available in both the Thames Valley market around Heathrow as well as in the Midtown area of Central London and Eastwards into the City. A comprehensive search for a prime single floor of circa 8,000 sq ft was carried out, with Alex working closely with the client both in the Thames Valley region and in Central London.
After many inspections in both locations, the client decided that a move to Central London was the preferred option for the business.
29 Ludgate Hill was identified as being the most suitable building and location for the business, having been subject to a major reconstruction and refurbishment programme by the owners Threadneedle Property Fund Managers Ltd.
With the market in Midtown and The City for these size floors being very tight, detailed negotiations were undertaken to secure the space for the client as quickly as possible, at the best possible terms.
A new lease was agreed on the 3rd floor comprising 8,544 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 Stockley Park was imminent, the design and fit out of the new office was under an extremely 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 London office was acquired on time and on budget, all within a tight time frame and within a tightening property market with less available appropriate stock.
The expectations of the client were fully met with bigger, better offices in a prime location in the City next to St Paul's cathedral, allowing easy access for their clients located in Central London.