Lease re-gear, Great Eastern Street, London EC1
Acting for Network Rail, Cluttons was instructed to advise on the possibility of activating a break in its lease of a 57k sq ft office building. To exercise the break, a minimum of 12 months’ notice was required and Cluttons was instructed about a month prior to the last date for service.
Cluttons negotiated the equivalent of six months rent free for the tenant to be spread over the remaining five years of the lease in return for removing the break. Cluttons also agreed a nil increase for the rent review due at the original break date.
The whole transaction was instructed, negotiated and completed within one month.
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