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Case Study

Zurich – Lease Acquisition of 65,000 sq ft long term, 40,000 sq ft in swing space and exit from 15,000 sq ft

We worked with Zurich to carry out commuter studies to identify staff locations and likely relocation opportunities.
It became clear that the preference by the business was to remain in Blackrock which a challenge was given that there were no building or site opportunities to accommodate their requirement for 65,000 sq ft.

JLL identified opportunities with existing landlords and recommended that we approach them to see if they could demolish and rebuild or refurbish any of the existing buildings in Blackrock including merging buildings, to accommodate the requirement.

Initiatives:

We initially negotiated lease extensions of 3 Buildings in Blackrock to provide extended lease term and break options taking into account the likely process of providing a new building.

We entered into negotiations with all of the existing landlords.

We secured proposal for new buildings in Blackrock and ultimately identified that the best opportunity was the demolition of enterprise house with the provision of a new building.

Results:

We entered into negotiations with all landlords in order to secure the most competitive terms whilst noting that the best and only real option was redevelopment of Enterprise Houses.

We worked alongside Zurich in reviewing building design plans advance to a final planning application by the landlord for a building that would be suitable for both Zurich and also the Landlord if Zurich where nota future tenant.


Negotiated agreements for lease, subject to planning on the new building securing the most competitive terms for Zurich.


Secured 2 separate spaces of swing space in Blackrock, which was a challenge as it was the only space available that suited Zurich’s requirements and yet we had to ensure competitive terms.

It was imperative that both the new lease and the swing space leases where signed at the same time in order to avoid the risk of having one and not the other.

Outcome

We completed the agreement for lease for the development for enterprise house, providing ongoing advice on the timing risk associated with An Bord Pleanala and Third Party Appeals.

We negotiated swing space to accommodate flexibility around the various potential dates the new building could be developed (with or without planning appeal).

We worked with the agents in securing head landlords consent to the subletting’s of the swing space. We also negotiated with the landlord of enterprise house that they would share the risk on the Swing Space relative to the risk around third party planning.

We continue to work with Zurich on the delivery of this project until the new building is completed.

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