New HQ Balances Quality and Flexibility
Cushman & Wakefield advised Bracewell & Giuliani on establishing a London headquarters in 2013. The team was involved in all stages of the acquisition process, with advice on space requirements for their medium- and long-term requirements, capital required and also on alternative lease structures and their impact on the firm's P&L account. It was critical that the new HQ balanced the need for a high-quality space and flexible lease conditions.
Tower 42 was identified as the most favourable option, offering Bracewell & Giuliani the legal fit-out required, within a building commensurate with their international headquarters and one that provided client-facing services. Cushman & Wakefield negotiated two separate leases with a one-third to two-third split, with full rights to sublet or assign, as well as the right to break either lease with no penalty after five years. Capital fit-out costs were minimized due to the existing legal fit-out in place. Furthermore, a turnkey solution was agreed, with rent-free rates and services charges not commencing until the landlord had completed all works to the detailed design submitted by Bracewell & Giuliani.
A total of £483,034 (about US $741,360) in savings was achieved, including a reduction in rent and a 100% increase in the rent-free period originally offered by the landlord.
"Bracewell & Giuliani LLP’s new launch into the London legal market was fully supported by Cushman & Wakefield from the outset. Their team demonstrated both an in-depth knowledge of the City market and a clear understanding of our business objectives. They are fast-moving, flexible and understand how law firms work, which enabled us to identify the best possible office space solution that perfectly balances location, image, quality, flexibility and cost."
Julian Nichol Partner, Bracewell & Giuliani LLP