265 Tottenham Court Road

THE TASK

We were instructed to source and secure new premises to facilitate Metropolitans’ relocation ahead of their lease expiry from their long term home on Baker Street

Metropolitans’ offices were some 10 years old and no longer fit for purpose – the welfare of their 80 staff was their priority – finding an office people wanted to come to in an area people wanted to go to.

After an extensive search of the market, where there were very few suitable options, we introduced 265 Tottenham Court Road, a stone’s throw from the bustling Oxford Street and now with access to the Elizabeth line, making it a desirable location.

The premises was only available by way of a short term assignment from the existing tenants lease with 12 months remaining.

We entered into negotiations with the landlord on the basis of a reversionary lease, ie a lease that commences following the expiry of the existing lease, and simultaneously negotiated an assignment of the existing lease.

This structure allowed us to negotiate extremely attractive financial terms, with the existing tenant paying the rent until expiry, and receiving a 12 month rent free period on the reversionary lease, an overall 2 year rent free period on a 6 year lease commitment – and with no capital expenditure on fit out required – a superb result for our client.