The challenge
Kajima, the Japanese construction company, needed to relocate its UK headquarters function to new office space. Their existing accommodation at Grove House, Marylebone Way in central London was rapidly becoming outdated, and Kajima wanted to refurbish it. Bray Fox Smith with its experience in West End occupational market was selected to assist the company in its search. The brief was to identify suitable new premises within a specific search area in central London and agree terms on a leasehold basis.
The solution
Bray Fox Smith carried out a full assessment of its client’s requirements and then undertook an urgent and extensive property search within the designated area; a shortlist of appropriate properties was drawn and then inspected before a final recommendation was made.
The result
Having identified the appropriate space within 55 Baker Street (the former M&S Head Quarters, which had been redeveloped by London & Regional ) negotiations began with the landlord to secure the most financially attractive and flexible solution for Kajima. Our extensive knowledge of the market, in terms of rent levels and incentive packages enabled us to agree a 10-year lease with a break option after five years and 20 months’ rent free. The rent achieved – £41.50 per sq ft – is the lowest in the multi-occupied 600,000 sq ft building.
Our clients are delighted with their new accommodation which is more reflective of their corporate image and which allows them to operate from one floor.
They are now busy refitting their Grove House property, where they own the freehold.
Bray Fox Smith have helped lots of occupiers and landlords
