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Cushman & Wakefield - commercial real estate in the Netherlands

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Case Study

New Headquaters, Linda-a-Velha, Portugal

- NCH

The Brief
After C&W successfully disposed of NCH's Lisbon Central Business District office, NCH once again retained C&W for tenant representation services to relocate their Portuguese headquarters.
C&W was thus to acquire 1,000 m² of office space in an out-of-town location, preferably in Lisbon’s Western Corridor.
Timing in this project was crucial, since NCH sold its Lisbon Central Business District office through a Sale & Leaseback transaction which obliged the company to leave the premises three months into the lease contract. If this time frame was not met, NCH risked to incur heavy penalties.

Solution
Following establishment of the search criteria with the Global Director of Corporate Real Estate C&W carried out a comprehensive market review to ascertain all possible alternatives. C&W were then able to create a shortlist of most suitable properties based on NCH’s specific requirements.
The team carried out viewings to all suitable properties in order to reduce the shortlist to three options.
The landlords of these three properties were then invited to provide their ‘best offers’, considering NCH’s preferred heads of terms.
The team analyzed each one in turn taking into account one off costs and annual financial considerations, as well as legal implications.
Relying on its in-depth market knowledge C&W efficiently negotiated with the owners of the short listed properties in order to optimize their best offers and to reach quick results.
C&W managed to agree heads of terms with Central Park’s landlord in a very short time frame time permitting NCH to obtain board approval and to agree the lease.
Besides C&W’s Client Solutions team which assumed a strong position in the negotiations for NCH’s new lease, C&W’s Project Management team efficiently carried out the adaptation works of the office space in a very short time frame.

Conclusion
Drawing on our market experience and thanks to a strong negotiating position, C&W were able to achieve outstanding savings for NCH, corresponding to 67% of total costs in the first year of occupation. These savings are composed of rent-free periods and lowered rental values.
In a joint effort of the Client Solutions and Project Management teams, C&W managed to guarantee an efficient negotiation process and a swift execution of the project management instruction, thus obtaining excellent results for the client.

Lessons Learnt
Efficient time management regarding the disposal of the old premises, the acquisition of the new offices, and the related space planning and fit-out works;
Work with a multinational task force in carrying out this instruction and managing related expectations.

Keys To Success
Concerted effort involving Capital Markets, Offices, and Project Management;
Putting in all our weight and expertise in negotiating very attractive conditions for the newly acquired offices.

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