Festival Court, Glasgow
Three office pavilions are occupied by the Home Office, all held on separate leases. The client had received formal notice to terminate the lease over one of the pavilions by the landlord. With two other leases still in place for a further two and three years respectively, and with no right to renew, there was significant risk to operations should the landlord not renew, and indeed the risk of being “held to ransom” over the renewed rent given the leases did not all expire at the one time.
To negotiate a lease renewal and mitigate any future risk by considering the future plans for all three office pavilions.
- Renew the lease over one pavilion but also to
- Regear the other leases over the two adjacent pavilions, so that in future all three would run co-terminously
We secured new lease agreements over all three pavilions with break options specific to client’s needs and at no increase in the rent.
- The client avoided eviction and renewed on highly flexible terms yet still achieving market incentives
- All transactions were considered under the one single instruction, which resulted in professional cost savings for the client.
- Longer term secured for the landlord, landlord/tenant relationship improved.