Quintiles consolidates UK operations to new headquarters
Following a thorough review of alternative premises, a shortlist of suitable options was agreed with the client and a detailed financial analysis conducted. Negotiations were conducted with four parties and the preferred option was identified as 500 Brook Drive, Green Park which had been constructed for Pfizer but never occupied.
Cushman & Wakefield negotiated the acquisition of an 18 year lease on the BREEAM Excellent 121,350 sq ft building, subject to the surrender of Pfizer’s existing lease. A 12 month Agreement for Lease period was also agreed, in order to allow Quintiles time to fit out the new premises whilst securing the building on attractive terms by leveraging market conditions.
Cushman & Wakefield negotiated a significant incentives package with the landlord, PruPim, involving a reverse premium from Pfizer which was paid as a capital construction towards Quintiles’ fitting out costs. Cushman & Wakefield were subsequently retained to Project Manage the entire fit out programme of the new building and exit strategy from their existing leasehold premises, including the settlement of dilapidations claims with three separate landlords.