adelphi

Case studies

PetroChina

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in early 2017, Tuckerman were instructed by PetroIneos in the search and acquisition of a new 30,000 sq ft Head Office, alongside their exit from existing offices at The Peak in Victoria. The search had a number of very key criteria, including the unusual requirement for a 400KVA dedicated back up power facility.

After a lengthy search and the shortlisting of 3 buildings, they decided to pursue two floors at The Adelphi Building, WC2, totalling just shy of 29,915 Sq Ft. Although not a location initially in their brief, we put it to them on the basis of the Art Dec Design (they had shown a preference for interesting buildings on initial tours) and the ability to satisfy their back up power requirement.

After a complex negotiation we agreed a rent of £82.50psf on the best space on the basis of a 15 year lease with 10th year tenant break and 32 months rent free, split around the break. A multi-faceted deal and, owing to the physical constraints of the building itself, a particularly bespoke and challenging fit out, and the need to sublease their existing offices. However, through working closely with the Client and their solicitors, the end result is excellent and the Client is delighted with their new offices.

For further information please contact Guy Bowring.