Cleveland House, King Street
Our involvement with this Client began in 2005 as a referral from a previous Client. We successfully agreed a surrender of their previous lease in 56-58 Conduit Street on 4,500 sq ft with their landlord who was proposing to take advantage of a bull market and consequentially rising rents. In 2006 rents were predicted to reach £70.00 psf (from £54.00 psf).
Our instructions were to secure a floor of exceptional quality in St James’s of circa 8,000 sq ft. We secured off-market a lease assignment of the 6th floor of 8,200 sq ft, a Grade A floor in Cleveland House overlooking St James’s Square, a building less than 5 years old. We agreed 15 months’ rent free in addition to a contribution towards dilapidations.
In 2017 we negotiated a renewal of this lease successfully agreeing a net rent some 20% below the previous passing rent of £106.00 psf.