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Last week Morgan Pryce completed, on behalf of a Real Estate Investment Trust, a lease of 2,000 square feet unit on Cornhill just a few minutes’ walk from Bank, in the City Core. The client was previously based St James’s and when they met Morgan Pryce they were looking to expand out of their serviced office into a larger West End office in Mayfair or St James’s.
The company we were acting for is a US entity who had set up the UK office a couple of years ago and as with many companies setting up offices in the UK for the first time, a serviced office was a good solution as it offers the flexibility in lease length that a new UK company requires. When taking a lease, landlords often require up to 12 months’ rent deposit and a minimum lease term of 5 years with a 3rd year tenant only break.
We started the search looking for high quality grade A office space in Mayfair. We looked at options on Hanover Square at Grosvenor Street which were off the right client facing nature but the quoting rents were over £100 per square foot.
Morgan Pryce educated them on the market explaining that rents in the City are well below Mayfair with far better incentives available. The search shifted to the City core and it was not long before we found the perfect option, a client facing office with a roof terrace right opposite the Royal Exchange. The office ticked all the boxes and after a smooth negotiation we put the space under offer and sailed towards completion.
This news was brought to you by Morgan Pryce, 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.