Dilapidations – Lease Disposal & Strategy for Omnicom
01
The Challenge
Relocation from 10 properties into a new 350,000sqft HQ.
Major dilapidations and lease disposal strategy.
Omnicom Europe Limited had to relocate from over ten properties into one over 4 years. Each lease had different termination dates. Some with break clauses and onerous obligations and others extending beyond the relocation date. The client assigned Cushman & Wakefield Building Consultancy team to de-risk onerous dilapidations. The team was tasked to settle larger claims as quickly as possible, leaving residual claims for a longer term approach.
02
The Solution
Cushman & Wakefield undertook dilapidations assessments on all properties for account provisioning, providing the client with individual lease strategies with action plans and programs. Regular client and dilapidations team updates were held, focusing on actions required by delivery dates. The team focused on the easier wins, de-risking the financial exposure to reasonable levels, then applying long term negotiation strategies to the remaining properties.
03
The Result
As the result Cushman & Wakefield Building Consultancy team achieved:
- Short term de-risking of the dilapidations financial exposure and lease liability, by focusing on easier wins.
- Long term strategy for the remaining more complex dilapidations settlements.
- Ultimately significantly reducing the overall dilapidations financial settlement for Omnicom.
Savings achieved on claims often in excess of 50%
Testimonial
"We successfully partnered with Cushman & Wakefield to navigate us through 10 complex and large scale exit obligations on our recent London consolidation. The Cushman & Wakefield team skillfully managed and guided us through the dilapidations process, meeting and often exceeding the objectives set and ultimately achieving a very positive financial outcome"
Stuart Young
Executive Vice President – Real Estate, Omnicom Europe Limited
Meet the Team
Rose Ellis
Head of Marketing & BDS Operations UK&I, Head of Events APAC & EMEA
London, United Kingdom
FEATURED STORIES
Red Hat • Technology
Read more about how Red Hat found its new Madrid's Headquarters: A new brand office space adapted to its staff and partners. A new meeting point that shows Red Hat's way of working and corporate culture.
Learn More
Adevinta • Online Classified Marketplace
Learn More
Allen & Overy • Law
Discover the success story of Allen & Overy who, with the assistance of Cushman & Wakefield, have found a new, emblematic location, aimed at renovating the company image and redefining their way of working.
Learn More
FEATURED SERVICES
Receivership and Recovery Solutions
The environment for recovery services is constantly evolving. Our Receivership & Recovery Solutions team brings more than 20 years’ experience in providing strategic advice to lending institutions, insolvency practitioners, corporate and equity fund clients, for distressed property assets and challenged lending situations.
Building Consultancy
With extensive commercial expertise and a deep understanding of the property life-cycle requirements of investors, occupiers, lenders and developers, our building consultancy team provides specialist advice across the full spectrum of building surveying services.
Integrated Portfolio Management
Our commercial property management services focus our Transaction Management, Portfolio Administration and Portfolio Strategy activity around our clients’ business challenges and priorities.
Tenant Representation
Total Workplace
Aligning your business and real estate to deliver future proof occupation strategies.
Project & Development Services
Rethinking Properties
INSIGHTS
