Chartered Institute for Securities & Investment – Lease Renewal at The ‘Walkie-Talkie Building’

Carter Jonas advised CISI on a lease renewal of the organisation’s tenancy of the 3rd Floor, 20 Fenchurch Street, EC3 (The ‘Walkie-Talkie Building’)

• The project - relocation to higher quality, larger, office premises from Paternoster House, 65 St Paul’s Churchyard, EC4

• Specification – Grade A office space required

• Outcome – the project concluded with CISI renewing its lease of the 3rd Floor, 20 Fenchurch Street, EC3

Our role

• Inspecting the premises and reviewing the terms of the client’s existing lease

• Preparing a rental valuation of the accommodation

• Preparing the stay-put / relocate property options cost appraisal – to compare the costs of both scenarios and to assist with securing Board approvals for budgets

• Developing a robust, project-specific, lease restructuring negotiating strategy

• Providing recommendations on the rent and rent free period letting package that should be offered, negotiated and agreed

• Carrying out cost / quality comparison office searches and undertaking tactical negotiation viewing programmes of shortlisted properties in parallel with the lease negotiations

• Liaising with other 20 Fenchurch Street that had a lease expiry / break option to share information on the terms being offered by the landlord and to establish the landlord’s exposure to letting void costs where some tenants were intending to relocate

• Representing CISI’s interests in the lease negotiations and securing tenant-friendly lease terms and a competitive rent and rent free period letting package