Omega RE Facilitates Office Letting for Law Firm BDB Pitmans: Overcoming Challenges for a Seamless Transition
Case Study Overview:
Omega RE, a prominent real estate agency, recently completed a letting for BDB Pitmans at 4 Grosvenor Square in central Southampton. This case study highlights how Omega RE’s expertise in acquisition services and strategic approach helped BDB Pitmans find the perfect office space to meet their specific requirements.
Background:
BDB Pitmans, a leading law firm, approached Omega RE in late 2023 after realising that they needed a market facing expert to support them with their lease negotiations. Facing an upcoming lease event at their existing office, BDB
Pitmans sought Omega RE’s assistance guide them through a stay vs go option.
While in-house solicitors undoubtedly bring a wealth of legal expertise to the table, commercial property surveyors offer a specialised focus on market dynamics, rental assessments, and identifying opportunities within specific areas. Our insights often provide a different angle, complementing legal considerations and enhancing the overall strategy.
Supporting a number of different legal firms with lease negotiations, the collaboration between legal counsel and commercial property surveyors has proven to be highly beneficial. Their market-driven assessments have significantly contributed to informed decision-making, especially regarding rental terms and strategic property choices.
Search Requirements:
BDB Pitmans were weighing up options to stay or relocating to more purposeful building, with a key focus on staff retention and client meetings. Additionally, they had specific IT structure requirements, including ISO certification, which posed a challenge during the search process.
Solution:
Over a period of 2 months, Omega RE meticulously curated a list of viable options that met BDB Pitmans’ search criteria. They organised viewings and inspections of the most suitable properties, conducted cost analysis exercises to assess the financial implications, and negotiated the best terms on behalf of their client. Throughout the process, Omega RE remained committed to ensuring a seamless transition for BDB Pitmans.
Challenges:
The primary challenge faced during the search was aligning BDB Pitmans’ appending lease event, having already served their break notice we had 4 months to negotiate stay vs go options, whilst not conceding on points that would adversely affect their core business objectives. For example, managing budgets required a creative solutions to meet BDB Pitmans’ needs and specific ISO accreditation requirements. Many landlords were unable to confirm the details of their IT systems, highlighting a need for better understanding and transparency regarding IT infrastructure in commercial properties.
Results:
Despite the challenges, Omega RE successfully secured a suitable office space for BDB Pitmans at 4 Grosvenor Square. The negotiation process ensured that BDB Pitmans received favourable terms, including meeting their IT structure requirements to obtain ISO certification and we were able to agree completion of the lease one month before the lease end, in order to carry out dilapidations works and negotiations, providing more control to BDB Pitmans.
Conclusion:
Omega RE’s collaboration with BDB Pitmans exemplifies the importance of understanding and addressing specific client requirements in the commercial real estate sector. By leveraging their expertise in acquisition services and overcoming challenges related to timing and IT infrastructure, Omega RE facilitated a smooth transition for BDB Pitmans. This successful letting not only strengthens the partnership between Omega RE and BDB Pitmans but also underscores Omega RE’s commitment to delivering tailored solutions to meet their clients’ needs
Testimonial: Oliver Kelly, Corporate/Commercial Partner at BDB Pitmans and Head of Southampton office
“I really cannot recommend Nella and her team highly enough. She is brilliant to work with. Sees the big picture. She is patient and very giving of her time. You really feel at all times as thought you are her number 1 priority – which given the number of other matters or prospective matters she has going on is a great achievement.”
Relocating can be disruptive, time-consuming, and costly if not planned and executed correctly.
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About Omega RE
Omega RE is a leading commercial real estate business committed to redefining success through social and environmental responsibility. With a Certified B Corporation accreditation and esteemed business awards, Omega RE continues to make strides in the industry. Omega RE is a commercial property advisory firm based on the South Coast, covering the whole of the UK. Providing expert advice to Landlords, Occupiers in the industrial, office and retail markets.
Omega RE is always thinking ‘Outside the Box’ in our advice to clients and the way we do business. We don’t settle for mediocre; we challenge the norm and are dedicated to finding solutions that is best for our clients.
We are a people business, based on strong relationships and partnerships, and we offer a personal level of service.
As the market evolves, we will too adapt to be successful and want the same for our clients. We are committed to finding innovative ways of marketing and how to do things more efficiently.
We will never stagnate.
We are disciplined in everything we do; we take time to understand the situation and set a bespoke strategy for each client. Not one size fits all. We do not cut corners or take shortcuts and our integrity is undisputed.
Providing clients’ a hands-on approach to finding the perfect property; office, industrial, warehouse or retail space to meet business needs and negotiating the best commercial lease terms, is what we do best.
We come to work because we’re passionate about providing expert, innovative, independent advice to clients. We want to help businesses navigate the complexities of Commercial Real Estate.
To find out more visit: www.omega-re.co.uk/
Contact information
For further information and interviews please contact us on:
T: +44(0)2382 355 799 E: hello@omega-re.co.uk