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24.06.2008
Gerald Eve has advised the Institute of Cancer Research (ICR) on the acquisition of a new office and training facility at Glen House in Old Brompton Road, south west London.
ICR currently occupies 9,500 sq ft in the office building next door at 123 Old Brompton Road and therefore a new co-terminus lease was agreed with landlord Golfrate. There is also an outstanding February 2008 rent review on 123 Old Brompton Road which was sensitive to the deal at Glen House. Gerald Eve’s City office is instructed on the rent review.
ICR has taken 3,202 sq ft on the first floor of Glen House, 125-133 Old Brompton Road, at a rent of £36 per sq ft. It has three months rent free on a 15-year lease, with a tenant-only option to break in year five and a mutual option to break in year 10. A service charge cap of £7.50 per sq ft was negotiated to protect ICR against landlord’s works in the building.
Gerald Eve West End offices partner Lloyd Davies advises the Institute of Cancer Research on its overall office strategy; his colleague Patrick Gidney advised on this particular acquisition.
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