Highly Flexible Lease For A Publicly Listed Tech Firm

Netcompany
13,400 sq ft – Northburgh House, 10 Northburgh Street, EC1

Hallett was instructed by a publicly listed technology firm to help resolve a challenging lease situation.
The firm occupied three floors of a building in Clerkwenwell. They had very little time left until the
expiry of their existing lease and were being pressured by the Landlord to agree a new 5 year term.

In fact, the firm’s preference was to relocate from Clerkenwell to King’s Cross, where they would join
other global tech firms such as Google, Meta, DeepMind and Sony, but they were conscious that they
did not have enough time to carry out the relocation.

Hallett devised an approach that would alleviate the time pressure and rapidly ascertain the
availability of all on and off market options within the undersupplied King’s Cross market.
By putting in place a robust negotiation strategy, Hallett was able to negotiate a 12 month extension
at the client’s existing office with a 6 month tenant only option to break, along with a range of other
concessions.

This enabled enough time to find and acquire a new, best in class, HQ for the firm within Pancras
Square, in the heart of the King’s Cross Estate.

Cost Benefit 
Hallett negotiated a short term extension that included:
three new separate 12 month leases, each with a 6 month tenant only break option – to grant
ultimate flexibility.

a reduction in the client’s rent.

A rent free period.

Temoval of an onerous and outdated dilapidations clause to help reduce future exit costs.

Total savings, by way of rent reduction and rent free period over the 12 month term, that
equated in value to over c. £90,000.

David Hildyard – Partner – Netcompany UK
We needed an experienced property advisor who could provide the leadership with swift, succinct and
insightful direction. Hallett did just that, resolving a number of leasing issues for us, the culmination
being acquiring our new UK headquarters within the King’s Cross estate, an incredibly tight market
where Hallett’s in-depth market knowledge and contacts within the industry were key factors.