Letting to JP Morgan in Glasgow
Cushman & Wakefield was appointed by landlords, F&C REIT Asset Management to advise on the marketing of the 3rd Floor, Alhambra House, Waterloo Street, Glasgow which extended to approximately 13,700 sq ft. The majority tenant in the building was JP Morgan and terms were quickly agreed to provide them expansion space in part of the floor. Within a few months an agreement was reached for the tenant to take the remainder of the floor.
- Advised client on suitable location of dividing wall.
- Created marketing materials for remaining 8,000 sq ft suite.
- Market-wide advertising included hosting viewings and issuing terms to interested parties.
- Identified existing building occupier's requirement for further space and agreed deal.
- Re-geared existing lease.
Cushman & Wakefield was able to utilise their existing knowledge of the existing building tenants in order to ascertain JP Morgan's requirement for additional space.
The initial deal provided half of the floor to JP Morgan. 18 months later, a deal was agreed for the tenant to take the remainder of the space. As part of the negotiations the existing lease was re-geared. The deal was monitored through the legal process to conclusion.
As part of the transaction, the landlord and tenant agreed minor works to be carried out to the building.