|A Comprehensive Consolidation for Baker Tilley|
Acquisition of 55,000 sq ft, Nexus Place, Farringdon Street, London EC4
- Jones Lang LaSalle was appointed to advise Baker Tilley on consolidating three London offices into a new HQ, with lease liabilities from 2012 to 2015
- With a desire to capitalise on favourable conditions and move early or wait and prelet, we modelled various scenarios showing costs and potential for each and highlighting that the bottom of the market would be Q4 2009
- The takeback or surrender of the client's largest liability on 2 Bloomsbury Way was also key. Identifying landlords with poorly let buildings we showed how, by paying a slightly higher than typical market rent, having a cap and collar at first review plus taking a 20 year lease, this liability could be covered
- After proacted negotiations with different landlords, a deal was struck at Nexus Place. A first review cap was attractive to Baker Tilley and a space option for long term growth was also secured. Another big win was limited dilaps at the end of term
Baker Tilley move in late October 2010 and Jones Lang LaSalle are working on the subletting of the residual properties.