Client objectives:

• Identify prospective parties to sublease / assign the surplus premises with a particular focus on serviced office and coworking operators
• Secure an outcome as soon as possible to reduce costs
• Preference was to assign or surrender the lease to the other party.

Results:

• Strong interest received from multiple parties including the landlord who was keen to control the space
• A coworking operator was identified to take over the obligations under the terms of the lease
• Landlord was engaged in relation to surrendering the lease equal to the recovery rate of the proposed sub tenant
• Terms were negotiated to surrender the lease at a very favourable recovery rate equal to the proposed sub tenant and any lease obligations from the surrender date were removed.