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Deal Done At Verde, Bressenden Place, SW1

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In May 2020, Tuckerman were instructed by Pret a Manger (jointly with Savills) to advise on a new property strategy for their 35,000 sq ft Head Office, currently at Verde on Bressenden Place in Victoria, which we had acquired for them in 2016. Having considered all options and taken account of challenging market conditions, a flexible strategy was adopted, with all routes remaining on the table, including wholesale relocation to smaller offices and disposing of their entire lease. Having conducted a thorough marketing campaign, targeting occupiers seeking 15,000 to 35,000 sq ft, we agreed terms with Preqin Limited on 21,000 Sq Ft for a 5 year sublease at a rent of £71 psf.

Preqin, having adopted a work-from-home policy for all staff throughout lockdown, were eager to move to higher quality and more occupier-friendly offices to create a better working environment for their employees as they returned to work post-easing of restrictions. Verde, with its shared roof terrace, on site gym and terrific location within Cardinal Place and adjacent to Nova, suited perfectly. Being close to the major overland rail link of Victoria Station – increasingly a requirement for most occupiers currently – was a further attraction.

The deal completed in July 2021. Tuckerman and Savills acted for Pret. Savills also acted for Preqin Limited.