Tenant Advisory Group has successfully concluded a partial surrender and lease re-gear on behalf of Environmental Management Resources (‘ERM’) at Building 5, Exchange Quay, Media City.
ERM has occupied the eleventh floor within Building 5 for the last 8 years. However, changes in technology and work styles meant the business needed to re-assess its space and location needs.
Tenant Advisory Group helped ERM assess its options both in the immediate and medium term. After extensive negotiations with ERM’s existing landlord, a partial surrender and re-gear of its lease was agreed. The transaction completed on 13th August 2015.
Commenting on the transaction, Martyn Markland of TAG said “This outcome shows how landlords and tenants can work together for mutual benefit. On the one hand, ERM is reducing its’ occupation costs over the term of the lease and on the other, the Landlord is retaining a tenant with a strong balance sheet for an additional 5 years beyond the current lease expiry date.”
Matthews & Goodman acted on behalf of the property’s asset managers, Hunter Real Estate Investment Management.