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Morgan Pryce, the London-based tenant acquisition agent, has recently secured serviced office space for a hedge fund client that is setting up its first UK office. This large hedge fund has offices all over the world and was looking to expand into the London market.
Their heart was set on securing a period office building in the heart of Mayfair, where a large number of hedge funds are based. The client arrived on the Eurostar in early September and came straight to our office to discuss setting up their new office. As with many overseas clients, they were very surprised as to how the London property market works, especially the time it takes to draw up and complete a lease. We normally find this takes between four and six weeks, and they were used to agreeing a contract in a matter of days.
However, they took our advice and at first were set on taking a conventional space as opposed to the serviced office option that we had recommended. As we built a relationship together, we learnt and understood what kind of space would work for them, and they began to realise the costs of taking the quality of space that they desired in the heart of Mayfair, which is one of the most expensive places in the world to lease an office.
After a number of tours we put together a shortlist of options for the decision-makers in Paris to view. The tour resulted in change of tack as the growth prospects of the firm were discussed: they were unsure as to whether, in six months, they would need 10 desks or 20. Therefore we revisited the serviced route on a temporary basis and Jo Robinson, Senior Consultant of MPSO, secured them a fantastic space just off Berkley Square.
In six months we will be back out viewing – once our client has a better understanding of the company’s long-term office space needs, and Morgan Pryce will be looking to secure the best space in Mayfair on our client’s behalf.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.