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Lease surrenders save £2.4m pa rental outgoings

Wed 01 Jan 2014

Lease surrenders save £2.4m pa rental outgoings

The final quarter of 2013 proved to be a busy time for Juniper in terms of negotiating lease surrenders.

First, Building 310 at Cambridge Science Park was surrendered back to Trinity College. Acting for the tenant, Sanofi who had acquired Genzyme’s 58,000 sq ft office and laboratory facility, we agreed a surrender of the existing lease which still had some 7 years remaining, with a break option in 2015, with a rent roll in the region of £1.365m per annum. This then paved the way for Trinity to agree a shorter term lease to AstraZeneca. Then, at the end of the year, acting on behalf of Virgin Media, we negotiated the surrender on the 65,000 sq ft Building 9000 at Cambridge Research Park, saving the tenant an annual rent bill of just over £1m. The building was returned to Threadneedle and will now undergo a comprehensive refurbishment.

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Come to us for specialist advice and representation in commercial agency, development and investment.