Major Deal with Large Transport Infrastructure Client
A large transport infrastructure client approached the Instant Offices Managed team with a challenging brief in 2007. The organisation had a requirement to house over 400 people on a three to four year flexible terms lease, within a tight budget and rigid timeframe. The client specified the location to an unusual level of precision, as the building had to be in close proximity to where the client was carrying out a major transport links project. Following an in-depth and lengthy search of its own, the client was unable to find a suitable solution for its needs.
Thanks to the Instant Offices Managed business’s excellent network of landlords, many of which have portfolios of world-class buildings in prime locations, Instant Offices Managed was able to source a superb off-market opportunity that met the client’s requirements as regards flexible terms, location, budget and size, within a matter of weeks. Working closely with the client and our fit-out partners, we developed a brief which utilised the existing infrastructure of the building as far as was possible, while replicating the client’s exacting corporate standards. Not only was the client very satisfied with the high standard of workmanship achieved, but also with the costs, as they were driven down considerably thanks to our relationships with the fit-out partner and other key suppliers.
The first tranche of 30,000 sq ft, equating to 300 work stations, was delivered on time and to budget, within six weeks of finalising the legal formalities and agreeing the terms. Instant Offices Managed recently delivered a further 11,500 sq ft, equating to 120 work stations, on a three to four year term, in phase two of the project, as agreed with the client.
Six months on from initial brief, and the client remains extremely happy with the solution delivered by the Instant Managed team. The client reports that its team was particularly pleased with the fixed risk involved in the project, and the highly cost-effective nature of the package, which met both its mid and long term property strategies at a discount of between 10 and 30% (as compared to the costs of other potential solutions over the life of the project). Speed of turnaround was highlighted as a major contributing factor of the client’s satisfaction.
Commenting on the first phase of the deal, Mark Smith, Group Head of Acquisitions and Disposals, Mapeley Estates Ltd, the building’s landlord, said, “Covering properties between occupations is a big risk for commercial landlords. The Instant Offices Managed team sourced a new tenant to mitigate our liability on this building, which had recently been vacated and was ahead of being presented to the market. Working with the Instant Offices Managed team gave us an invaluable additional route to a market that stretched way beyond conventional leases and lettings, and all parties benefited significantly as a result."
Landlord: Mapeley
Size: 42,000 sq ft.
Term: 3 years (option to extend for a 4th year)