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Structuring the sale of Reader's Digest's Lisbon HQ whilst simultaneously establishing a lease on new offices.
- Readers Digest
The ChallengeReaders Digest (RD) retained C&W to structure the sale of their Lisbon HQ whilst simultaneously establishing a lease on new offices.
Timing and confidentiality were key and the instruction was further complicated by the fact that RD were unable to occupy new premises without securing a purchaser of their Lisbon HQ.
Our ImpactC&W launched the marketing of the RD building in parallel with a full review of relocation options.
C&W and RD carried out viewings to all of the most suitable relocation options, short-listing the 3 preferred thus, setting up the potential of a swift relocation on securing a purchaser for the existing property.
During the space planning of the preferred options C&W negotiated the sale of the RD's building with 2 potential purchasers.
A clear potential purchaser established, C&W moved quickly to close the sell to owner occupiers Simmons and Simmons whilst reigniting the relocation and requesting Landlords to provide their 'best offers', considering Reader's Digest's preferred lease heads of terms.
Each option was analysed taking into account one off and annual financial considerations together with legal implications.
Using its knowledge of the office market C&W negotiated with the owners/developers of the short listed properties to achieve the 'true' best offers.
ConclusionC&W were able to achieve substantial savings of over 20% for RD, represented by a rent-free period whilst agreeing a market value for their existing building within RD's timescale.