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The acquisition process of office space in Old Street

14th March 2013

The acquisition process of office space in Old Street

Morgan Pryce is currently conducting acquisitions all around Central London as well as in the fringes. A recent acquisition, managed by Eugene O’Sullivan and Christina Weguelin, was in one of the fringes, where they were instructed on behalf of their client to acquire space in the northern fringe of Old Street.

The area of Old Street has been dubbed ‘Silicon Roundabout’ due to its increasing popularity with the TMT sector, and in this case Morgan Pryce was acting on behalf of a company in the marketing industry. As with many TMT companies, a fast internet connection is a major requirement, and the need for a dedicated fibre-optic line here was also essential. Unfortunately, within Old Street, there are not many buildings that provide for this and so the search was a long process.  

Morgan Pryce managed to locate the perfect building for their client, and thus proceeded to negotiate on the property.  But, with negotiations in a highly sought-after area, there is inevitably competition from other parties and another party did manage to secure the space that had been under negotiation: the reason? That company was able to take two floors as opposed to the one floor that Morgan Pryce was looking to secure for its client. The agents then proceeded to look for other spaces for their client, but nothing really compared to the perfect space that had been in negotiation previously. 

They therefore continued to keep an eye out for all opportunities in the market, and were delighted when the exact space was brought back to the market – due to abortive negotiations. All parties worked quickly to acquire this space the second time around, and now the client will be moving into it within the next week. Their client was extremely happy with this outcome and the way in which the agents managed to source this off-market opportunity before it was brought back to the market. 

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.

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