Largest Office Transaction in Moscow in 2011
Mail.Ru Group, a rapidly expanding Internet company in Moscow, was housed in a number of adjacent Class B buildings. It had been taking overflow accommodation to satisfy its expansion requirements prior to its lease expiration. Mail.Ru Group challenged Cushman & Wakefield’s leasing team to help it consolidate operations under one roof. The company’s requirements included a high-quality single Class A headquarters building, excellent signage opportunities, and a location close to its existing buildings to ensure staff retention.
Our team identified existing buildings and those under construction that would meet the client’s objectives. Utilizing our contacts and excellent landlord relationships, we were able to secure proposals on the alternative options.
In parallel, we conducted negotiations with Mail.Ru Group's existing landlord on terms for renewal and relocation to another development in its portfolio. All this work was undertaken in competition with another IT tenant looking in the market with the same-sized requirement. At all times we had to ensure that Mail.Ru Group did not find itself in competition for a building.
Our team was able to work through these complexities to negotiate a successful lease for Mail.Ru Group, which will occupy the entire Tower A at Skylight. Skylight, built by Hals-Development, is a new and unique Class A mixed-use complex consisting of two office towers (A Tower and B Tower), united by a five-floor common low-rise area. It is strategically located in the center of Moscow’s business area, and offers many efficient and modern building amenities. The successful completion of the assignment represented Moscow's largest office leasing transaction in 2011.