Following Savills success in advising Associated Press on the relocation of their New York headquarters to an approximately 170,000 sq ft in Lower Manhattan in 2016, a coordinated cross-border effort led to Savills in London advising and negotiating favourable terms on the rent review of their 60,000 sq ft London headquarters in The Interchange, Camden, London NW1.
The Interchange was built in 1905 as a warehouse straddling the canal and railway systems and is an architecturally impressive Grade II Listed building providing highly sought after ‘media style’ office space in an area of central London that has experienced some of the most substantial rental growth in recent years. Associated Press faced significant potential cost increases as similar rent reviews in the vicinity had resulted in rental growth of over 110 per cent.
We carried out extensive due diligence to identify opportunities in respect of the legal aspects of the rent review and combined this with extensive market intelligence to successfully minimise the rental uplift throughout the course of the negotiations.
Ultimately, the landlord’s originally proposed rent was reduced by 22 per cent and the uplift was less than half the market uplift for similar rent reviews of comparable properties in the area.