Morgan Pryce, the London-based tenant acquisition agency, has secured part of the 4th floor at Queens House, 55-56 Lincoln’s Inn Fields for Qualitas, the full-service IT company. The recently refurbished offices in Holborn benefit from striking views over The Fields, creating a truly stunning working environment.
Tom Lax, senior surveyor at Morgan Pryce, managed to negotiate extremely favourable lease terms for Qualitas, who – unusually for companies renting offices in Holborn – were willing to take a 10-year lease with no break options. Leases of this length encourage landlords to offer considerable incentives to secure the deal as they are securing income for a long period. Tom managed to negotiate a discount of £2.00 per square foot off the quoting rent and achieved 15 months rent-free, which even in this market is very long for offices in Holborn.
Negotiation key to successful lease terms
The market for offices in Holborn has been rising steadily over the last 12 months, with prime rents achieving an average of £45.00 per square foot. Eugene O’Sullivan, director at Morgan Pryce, says, “This has been caused by institutional investors investing in and developing offices in Holborn.” Such offices in Holborn have become a good option for tenants escaping the high rates payable in the core of the West End which have seen record increases, particularly for leases of offices in Mayfair.
Morgan Pryce is a commercial property agent based in London, and that represents only tenants. In the competitive world of lease negotiation, having a specialist advisor ensures the best deal possible and significantly increases the chances of success in a lease negotiation.
