Client: Société Générale
Our client, Société Générale, occupied three buildings in the City of London amounting to approximately 250,000 sq ft. The rapid expansion of its broking and derivatives business, Fimat, meant that its desk requirements in the short to medium term would significantly outgrow availability within its campus portfolio.
The solution
Our role was to acquire additional accommodation for the company. Following a full appraisal of its existing space, we drew up a list of potential building options and assessed each one on a variety of criteria. Total project costs were considered against equivalent charges for existing properties within the portfolio on the EUR/GB exchange rate.
Results
We acquired almost 78,000 sq ft at 10 Bishop’s Square for Société Générale, securing on its behalf: - a rent substantially below the rent agreed by the other principal occupier in the building
- a substantial rent free period
- a tenant-only break clause
- a capital contribution from the landlord
- a VAT indemnity
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