Acting on behalf of, Paris Smith LLP, a large provincial legal practice, we provided strategic landlord and tenant advice, in relation to the two substantial office buildings they occupied on a leasehold basis.
We successfully negotiated a new lease on their 20,000 sq ft landmark building, with only a modest rent uplift agreed and significant incentives – 50% rent for the first three years of the new lease. This was achieved despite a climate of increasing office rents prevailing at the time, due to a limited supply of available stock.
We also provided advice in relation to their ‘sister’ building which culminated in the removal of a tenant only break clause in return for a nine month rent free period.
The aggregate value of the incentives secured was well in excess of £750,000.