The Client
A large UK based wealth manager, which is a FTSE 250 company with £39bn of client funds under management.
Through their dedicated network of advisers - the Partnership - they offer face-to-face wealth management advice, which is tailored to meet their clients' own specific circumstances.
The Project
Office acquisition and lease negotiation of a private office in St James's for one of their Proprietary Partners and her private staff.
The Challenge
Alex was instructed to advise on identifying a discreet private office for one of the client's Proprietary Partners, who had long had an office and association with St James's and in particular Pall Mall and was required to move as the existing landlord was re-developing the building imminently.
The main challenge, was to secure the appropriate premises (as similar and as close to the old building as possible), at the best possible terms in an exceptionally tight market and all within a very short time frame.
The Solution
Knowing that the new office had to be in St James's and had specific search criteria on many levels, a comprehensive search for a single floor of up to 1,000 sq ft was carried out.
With very limited availability in the market and almost nothing coming through as 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 and beat any competition to signing a lease first.
After many inspections, a lot of searching and a number of offers made, 40-41 Pall Mall was identified as being as close to perfect as one could get, as well as being only a few doors away from the old premises.
A new lease was agreed on the 3rd floor at a discounted rent from the quoting rent proposed by the landlord and the client was granted a substantial rent free period from commencement of the lease.
As the exit from the existing Pall Mall building was imminent (a matter of a few weeks), due to the impending re-development, the lease negotiations were subject to an incredibly tight time frame and Alex worked alongside the clients' solicitor to ensure that the landlord and his advisors kept to the agreed timescale.
The Benefits
All the specific criteria of the client's requirement were met. The new office was acquired within the time frame stipulated and within a very tight property market, with limited stock availability.