Case Study

Client: Multi-National Technology Company with Headquarters in the USA

Tenant Representation Services

Requirement: Total of 1,500 SqM of Office Space in Victoria Island, Lagos

Brief:

  • The Client currently occupied circa 700 SqM of space in Ikoyi but urgently required a new office to accommodate expected head count growth as a result of their acquisition of the device and services division of a mobile phone manufacturer.
  • To raise the profile and upgrade the image of the consolidated group in Nigeria the strategic decision was made to move to a high specification building on Victoria Island.
  • Templetons was engaged by the client to search for suitable options in the market and negotiate the heads of terms.

Challenge

  • Shortage of Grade A office buildings with a large floor plate.
  • The client was still tied down to its existing lease so it was important that the current and acquired leases did not run concurrently for financial reporting purposes.
  • It is the norm in Nigeria for commercial landlords to demand three years rent in advance before the tenant can get access to the leased premises.

Solution

  • Templetons leveraged on its in-depth knowledge of the local market to identify a suitable option for the client.
  • Templetons leveraged on its existing relationship with the Landlord’s representative to negotiate favourable lease terms for the client that included an early access agreement and start and end dates which ensured that 2 leases did not run concurrently.
  • Templetons was able to manage the project to completion by successfully integrating its knowledge and understanding of local standards and practices with the client’s own global standards and practices.

Value Add

  • Templetons negotiated favourable lease terms for the client on a property they identified and which satisfied the client’s office space requirements.

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