Working with Core to Fill 15,000 Sq Ft in London’s Iconic Tower 42
The Instant Offices Managed team works alongside an ever-expanding number of landlords of all sizes to source suitable tenants. With access to a database of over 200,000 active customers at any one time, partnering with us clearly provides an invaluable additional route to market.
An example of such a landlord is Core, which forms part of the consortium responsible for marketing London’s landmark Tower 42 building. Core designated floors of the building as managed space covering 15,000 sq ft. The Instant Offices Managed team worked alongside Core’s retained agent to identify new clients to occupy this space.
Within a short period of time, we identified three tenants to take the space on flexible terms, for leases of between one and three years. The tenants we sourced liked the idea of an all-inclusive property solution, but felt the size and/or term of their particular requirement made serviced offices inappropriate.
Equally, they were not prepared to commit to longer term leasing solutions, or to take on the risk and hassle of organising their own fit-out, facilities management or exit costs at the end of the lease. A managed office represented total commercial sense for them.
While the tenants benefited from the increased flexibility and greater cost-efficiencies associated with managed office space over conventional and serviced offices options, the consortium of landlords generated competitive net rentals on what had previously been problematic space.
Working with Instant Offices Managed opened up a new route to market and that market included many corporations with major property requirements in the pipeline. The team quickly turned around occupancy, on space that had not rented satisfactorily for some time.
Landlord: Core
Size: 9,000 sq ft
Term: 3 years