South Bank Office Estate

Negotiating rent reviews and lease variations to align with EY’s future property strategy

Objective

Accounting firm, EY, needed advice on negotiating minimum settlements of their rent reviews at two of their Southbank premises. They needed variation of the break option terms in order to mitigate risks over the break notices not being effective, and to improve their negotiation position for their dilapidations liability.

Client

EY

Service

Lease Advisory

How we met the objective

Adam has been providing rent review advice to EY over the last seven years. He advised on the settlement of the last rent review of their global business division (60,000 sq ft) with the landlord.As part of the review negotiations, the terms of the accounting firm’s break options were varied, so that they became effective on payment only of the due rent.

Subsequently, when the global business needed to stay longer before their new premises were ready, Adam negotiated a short term lease extension.

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