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Case Study

Fidelity - Acquisition of 75,000 sq ft lease and disposal of 6,000 sq ft lease

They already had a small office of 6,000 sq ft in Dublin 2. The requirement was to secure space on a phased basis to accommodate head count from relocation and growth over a 6-9 month period during 2016.


There was limited choice on the market with vacancy rate of 4.5% and landlords dictating terms. There were no on market phased opportunities.

Initiatives:

Review the current lease and market opportunities and advise on disposal strategy and likely premium.


Completed a market search without the client’s identity being disclosed in the market and also completed and RFP process including NDAs again maintaining 100% secrecy, and creating a competitive negotiating environment.

Provide both on and off market opportunities to meet the brief.

Supported decision making process to present alternative for board approval.

Worked with their project management to align lease dates with fit out commencement dates and disposal of existing office.

Results:

Secured and off market solution on a phased basis over 3 separate term for three separate spaces in Georges Quay House.

JLL where able to include this property as an option as they had previously advised the occupiers and where aware of future termination dates of 6 to 18 months.

Negotiated credits in respect of upgrades to the building given its age and also negotiated for the landlord to create additional square footage by infilling parts of the Atrium.

The phased basis secured on a number of different lease to accommodate flexibility for any future potential disposals.
Worked with the project team and the Landlord to identify opportunities additional space in the building resulting in infilling part of the atrium on all floors and delivering a larger and more efficient floor plate.

Negotiated rights of first refusal on remaining space in the building as and when it becomes available.

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