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Mayfair has been for a while the home to the most expensive real estate in London and arguably the world. There are not many companies which can afford to occupy space in Mayfair and the ones that do tend to be there because of the prestigious address and what that conveys to their clients. The typical occupiers are Hedge Funds, Wealth Managers or the Oil and Gas industry.
Rhodri Mason, an agent at Morgan Pryce, recently acted for a large US Energy company based in Houston. A couple of years ago they had moved into a serviced office but decided they had found their feet in London and were looking to secure a lease of an office space in Mayfair of around 2,000 sq. ft.
After a long consultation in which Rhodri Mason educated them on the London and particularly Mayfair office market, they decided to work exclusively with Morgan Pryce to secure their new office. Having a good address was key factor but budget was also important to the client.
After looking at a variety of options, we were able to shortlist a couple of offices before deciding to proceed with negotiations on an office on Berkeley Street, which runs south from Berkeley Square towards Green Park. After detailed negotiations, we were able to agree financial terms with the landlord who occupies one of the floors in the building. It was then a question of satisfying the landlord with our clients covenant strength as they only had one years worth of UK accounts. A rental deposit was agreed upon with a US Parent company guarantee in place. Once this was agreed, we were able to put the space under offer and progress smoothly 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.