Client:Multinational Technology Company With Headquarters In The USA
Requirement: Total of 1,500 SqM of Office Space in Victoria Island, Lagos
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.
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.
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.
Templetons negotiated favourable lease terms for the client on a property they identified and which satisfied the client’s office space requirements.
Client: Global Outsourcing Company With Headquarters In France.
Requirement: Total of 1,550 SqM of Office Space in Lagos Island/Mainland
The client won the contract to operate Visa operating centres in Nigeria and Worldwide on behalf of the issuing government.
To perform this assignment they required minimum Grade B commercial space on the Island and on the Mainland.
Landlord’s reluctance to Lease premises on Victoria Island for purpose of a Visa Centre due to high footfall this would generate within the building and surrounds.
On the Mainland there was a dearth of buildings fulfilling the building specifications of a visa centre as conceptualised by the client.
On the Island (Victoria Island):
Templetons identified a suitable Grade A commercial space on the Island that was in close proximity to the offices of major airlines.
Templetons knowledge of the local market was critical in negotiating a 25% discount to the Landlords asking price to bring the cost of the lease within the client’s budget.
Templetons provided significant input into the structures and procedures rolled out by the client in order to counter the impact of the increased footfall in the building.
On the Mainland (Ikeja)
Templetons identified space in an older building with developmental potential to convert into the type of premises that would meet the client’s requirements.
Templetons negotiated an early access agreement with the landlord. This is unusual practice in the Nigerian Real estate market.
The client initially opted for the 5th and 6th floor as this was the only available space in the building at the time of enquiry. During negotiations it transpired that the 1st and 2nd floors were soon to become available. As these floors represented a better option for the client, Templetons negotiated a first refusal option on the 1st and 2nd floors in the Heads of terms.
Templetons was able to secure Grade A office space for the client in Victoria Island at a price that was within their budget.
Templetons successfully created the opportunity to convert an average building into an ideal operational base for the client.
Templetons provided input on how to isolate the leased space from the rest of the tenants in the building so as to minimise any disturbance to fellow occupants.
Client: Marine & Offshore Multinational With Headquarters In USA
Tenant Representation Brief
Landlord informed clients of intention to exercise 6 month notice due to redevelopment plans.
Client approached us for guidance on how to approach and mitigate associated risks.
Time frames and stringent process for relocation budget approval
Successfully negotiated 6 months hold over period, allowing for stringent DD on relocation planning.
Completed full market search and analysis for presentation of business case to board
Identify suitable location, ideal for operations included a jetty facilitating access to Apapa Seaport.
Key Value Add
Found interim serviced solution within new premises during fit-out and seamlessly integrated client afterwards minimising business disruption.
Negotiated landlord contribution to fit-out, 6 months’ rent free period, and additional free parking.