6 New Street Square, London EC4
AEA is a global consulting firm whose clients include the public and private sector in the UK and internationally, being one of the Governments top advisors on climate change, energy and the environment.
Cyril Leonard were asked to identify 10,000 sq ft on a single floor in a building with a minimum BREEAM rating of ‘very good’ and being centrally located for access to the City and Government in Westminster.
AEA had for more than a decade occupied offices in Tavistock Square, London WC1 which were no longer suitable for their business and where the lease was due to expire within 12 months. This was at a time when rents for good quality offices were at their peak in the market.
Cyril Leonard agreed a 6 months extension to the existing lease to give time for the current economic conditions to take their affect on office rents and also agreed in advance a sum for dilapidations.
Terms were first offered for the entire 10th floor – 11,000 sq ft at New Street Square, London EC4 of £59.50 per sq ft but negotiations were delayed whilst we awaited for the failure of Lehman Bros/recession to take effect and terms were finally agreed at a rent equating to £43.00 per sq ft together with a delayed completion date and an effective rent-free period of 28 months on a 10 year lease with a 5 year break.