“Despite the extremely challenging market conditions, Martin managed to secure extremely competitive terms to ensure that JP Morgan, our largest customer at Alhambra House, remained in occupation for the next 10 years. Martin’s expert knowledge of the Glasgow office market, together with his ability to manage the entire process, resulted in the best possible outcome for the Fund.”
Daniel Plummer, Fund Manager
F&C Reit Asset Management
With a major lease expiry approaching, Edgar Property Solutions successfully negotiated a lease restructure on a key Glasgow property for F&C Reit Asset Management, resulting in a significant boost to the overall performance of this Fund.
Challenges
Alhambra House in Waterloo Street is a 95,500 sq ft Grade A office building in Glasgow’s International Financial Services District (IFSD). With 65% of the rental income due to expire within 2 to 3 years, F&C Reit had to secure a lease extension with the existing tenant in order to protect the value of this key investment.
Solutions
Edgar Property Solutions successfully negotiated a new 10 year lease agreement with the existing tenant (JP Morgan) for 61,500 sq ft, securing a guaranteed and increased rental income of £1.36 million per annum. By achieving this long term commitment, I ensured that Alhambra House enhanced the Fund’s ability to outperform the IPD benchmark for regional offices.
Extra Mile
This project involved a prolonged and challenging negotiation process. By project managing the entire deal from start to finish, I kept all parties on track ensuring a successful outcome.
