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Morgan Pryce is a specialist tenant acquisition agency, working across the whole of Central London, stretching from the Docklands across the City, through the West End as far as Hammersmith. Alex Goode and Tom Lax from Morgan Pryce recently acquired office space in Covent Garden for an international model agency, which was looking to open its first flagship office in the West End.
For most overseas companies looking to open their first office in London, it is vital to find the appropriate location to suit the sector you are operating in. It is important that the offices are located in an area that reflects the clientele you are trying to appeal to and, at the same time, provides an accessible and pleasant environment for your staff. Intensive research into the local submarkets is extremely important in helping understand where your competitors are based, where your clients are based and, ultimately, if that location represents what your company is about.
Lease structure is also extremely important. When advising our client, we stressed the importance of taking a flexible lease to allow for problems or teething issues that may occur in a new market. As our client was only looking to open a small office of 2,000 square feet, with a long-term plan to expand, we advised them to take a five-year term with a tenant-only break at the end of the third year, which gave them room to be flexible.
After undertaking the necessary research and finding the perfect space that suited the client, we started our negotiations with the landlord. Usually the letting agent will produce an extremely landlord-biased Head of Terms, and therefore it is important to go through each point with a fine-tooth comb. After ironing out any potential issues within the Head of Terms, it is passed on to the respective solicitors who draw up and negotiate a lease, and both parties eventually sign their part.
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.