Lease Renewal - Nigeria, Lagos - Source8
Lease Renewal – Nigeria, Lagos
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Lease Renewal – Nigeria, Lagos

Client: A Global IT Hardware Manufacturer

Size: 740 sqm

Brief

  • Our client had a lease expiry in their office in Lagos which Source8 had helped acquire three years previously
  • Our client wished to remain in the space but leverage market conditions to reduce the operating costs

Challenge

  • The lease our client holds is with a serviced office provider, yet the head lease held by the provider is with a institutional landlord that was putting pressure on the provider for their own lease renewal
  • Lease payments to made in full for the whole term upfront, whilst market norm, are not preferred by our client
  • Relocation of our client’s office would not have been easy, even if some options did exist, and would have meant additional costs that our client did not want to apply for

Solution

  • Source8 was able to use an existing relationship with the landlord as well as the knowledge of the head lease situation, to negotiate cost savings for our client on the renewal terms
  • Source8 managed to secure two renewal options, yearly payments or full term payment upfront , thereby giving our client choice and flexibility

Value added

  • Source8 was able to secure lease renewal terms in advance of the break, leveraging market conditions and the head lease situation to secure favourable commercial terms for our client

Locations

Contact Source8

info@source8.com

+44 (0) 20 7752 0700

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