43,500 sq ft business park premises
Acquired leasehold for corporate client
Search and acquisition including additional car parking land
Our Client FMG required a leasehold office building which would alleviate the pressure on their existing accommodation and permit significant future expansion for the employment of up to 600 people. The property was identified after a search and analysis of options including potential design and build opportunities. The property of 43,000 sq ft whilst vacant was not being marketed as a whole and an approach was made to take the full building.
The final agreement comprised taking an assignment of the property and agreeing a reversionary lease with the Landlord. This included agreeing compensation in lieu of dilapidations with the assignor and full lease terms including rent, term,a package of incentives and repairing liabilities. Some upgrading of the building’s air handling was also required which formed part of the measures agreed.
In addition, a sub ease with the Assignor was negotiated. This was in respect of one wing of one floor and provided FMG with income on part of the building which was not immediately required.
A further requirement for car parking was identified. Lexicon negotiated with a third party to lease land close to the building with measures to surface the land. A planning application was required and this was undertaken using the services of a specialist planning consultant.
I worked with David very closely for a period of nearly 12 months with a brief to source and secure suitable premises to support the continued growth and expansion of our business and our requirement to move to offices capable of housing over 600 people in a limited geographic area.David was invaluable in this process, clearly understanding our needs and talking through our various options. David expertly guided us through each step of the process in what at times became a complex and time consuming transaction, involving multiple parties and delicate negotiation. With David leading these discussions and ensuring momentum wasn’t lost, it saw all parties able to reach agreement in circumstances where it would have been easy for the deal to fall away; It is testament to David’s tenacity, knowledge and expertise that they did not.
I can’t thank or recommend David enough for his considerable time and effort in this process and through a positive approach with good humour we also fostered a very strong working relationship – Thank you David.
John Keeton, FMG, Operations Director, August 2018