We were instructed by Hitachi Vantara to simultaneously assign both leases on part 11th floor (8,416 sq ft) and part 9th floor (5,693 sq ft) at 10 Exchange Square to enable the business to move to another building in Appold Street where they could occupy one floor creating a better working environment for their staff. In order to achieve the acquisition we had to simultaneously assign both leases at Exchange Square no later than 2 months after the completion of Appold Street. We managed to find 2 direct tenants for each floor who agreed to take an assignment for each floor, meaning Hitachi could significantly limit their lease liabilities, including dilapidations to release enough capex for the Appold Street office move. Both transactions were outstanding market deals where only very minimal rent free periods were paid to the assignee and the total contractual savings for Hitachi were almost £2.4M.
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