Client: Office of communications (Ofcom)
Ofcom, the office of communications, is the independent regulator and competition authority for the UK communications industries, with responsibilities across television, radio, telecommunications and wireless communications services.
Ofcom wanted to move from its existing offices to its new premises as soon as possible. The new premises required full internal refurbishment and it was important to agree terms of occupation with the landlord quickly, in order to meet key timings for vacating the old space and renovating the new.
There was only one problem; Ofcom’s agents discovered a conflict of interest, as the landlord of the proposed new premises was an existing client.
Within the short amount of time available, we met with the landlord’s agents and quickly agreed heads of terms for the new premises. These were an improvement on the original terms agreed and included a substantial rent-free period of 17 months – saving our client £108.000. We agreed flexible and fair terms with financial incentives. Break options were also incorporated together with a cap on the service charge.
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