44 Featherstone Street, London EC1
Cyril Leonard were appointed by IDT, a US company specialising in digital technology to identify and secure a 30,000 sq.ft office building close to the City of London.
Cyril Leonard identified as an off-market opportunity (prior to the building coming to the market) comprising a 44,000 sq ft office building formally occupied by BT as a switch centre and offices held on a 25 year lease from the mid 1980’s when the building was constructed.
The Project & Building Consultancy team carried out a detailed pre-leasing survey of the building as well as its air conditioning plant and lifts to assess the extent and cost of the works before a full repairing lease could be entered into by the client.
We negotiated a £1.2m capital contribution payable by BT towards renewing and overhauling the plant plus refurbishing the building and we agreed 27 months rent free towards the tenants fitout. In addition, the rent review due in under 18 months was capped.
Cyril Leonard then advised on the refurbishment/fit out.