International technology firm, Autodesk Ltd, had a lease break on the horizon for its UK HQ.
The company appointed us to review its current situation, and deliver cost savings through either a lease re-gear or relocation.
Downsizing of office space to drive cost savings
Autodesk held a lease on 37,500 sq ft of offices at IQ Farnborough. Changing business needs meant that less space was required, and we assessed that the company was currently paying an above market rent of £27.50 per sq ft.
We prepared a strategy for re-sizing the current office space, to suit the needs of the business while reducing occupational costs. We also compiled an options review, comparing the costs of re-gearing the current lease on less space at IQ Farnborough with relocating to alternative accommodation.
Relocation to 1 Discovery Place
We went on to undertake a search for suitable alternative premises, identifying single floor or self-contained buildings of around 22,000 sq ft.
A shortlist of schemes was viewed, with 1 Discovery Place, Farnborough, the favoured relocation option. Even after dilapidations and relocation costs, significant savings could still be made by moving from IQ Farnborough to 1 Discovery Place.
In excess of £1m of savings over lease term
We entered negotiations with the current and prospective landlords to secure the best possible terms for the client. We agreed a rent of £18.50 per sq ft on 21,300 sq ft, with substantial incentives on a 10 year lease. The result of these negotiations will deliver in excess of £1m in savings over the lease term.
Consequently, Autodesk has secured impressive, high quality office space on a single floor. This will transform team collaboration, while still achieving market-beating terms.
The company went on to exercise its lease break, and appointed us to negotiate its terminal dilapidations at IQ Farnborough.