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Case Studies

Property letting, sales and investment case studies - BNP Paribas Real Estate UK  

Double Negative

Reducing risk and improving workplace for Double Negative
Negotiation of new lease and agreement for lease at 160 Great Portland street.

  • Location 160 Great Portland Street
  • Key figures 90,000 sq ft, major refurbishment
  • Contact Dan Bayley, +44 (0) 20 7338 4444

 

The results

  • Relocation from a poor specification building in Shaftesbury Ave (with 2 other sites), to a new high specification headquarters in Great Portland Street.
  • The new site was owned by one of its existing landlords, which meant that it took much of the risk out of exiting the existing space
  • The landlord took a surrender of the old lease when moving to the new property.
  • The new build was able to meet the client's significant demands on power and therefore reduced Double Negative’s risk in a relocation

The challenges

  • Double Negative is a leading visual special effects company working on feature films including the Harry Potter and James Bond series. The business has exceptional power requirements which meant that opportunities for finding suitable new building space were few and far between. If the new building was unable to deliver the required power output this would significantly hamper Double Negative’s business.  However, staying in its existing buildings provided a disjointed London workplace and poor working conditions for much of the staff.

What we did

  • Negotiated acquisition terms of a complex transaction.
  • The Landlord, Great Portland Estates, was about to undertake a generic refurbishment.  Double Negative needed specific changes and enhancements to provide the relevant power supply and cooling.
  • We needed to act quickly in both parties’ interest, but also had to ensure we minimised risk and uncertainty.
  • We were innovative in our approach to make the deal work in a rising market.
  • We carried out project monitoring, ensuring that the developer delivered on its commitments, and where further detailing was required we ensured it was implemented to the satisfaction of Double Negative.
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