Sanofi-Aventis – Sydney Headquarters – Tenant Representation
Sanofi-Aventis Australia headquarters lease was expiring in 18 months. Alternative premises were to be reviewed with a preference to stay put and reduce total space by approximately 10%. Shorter term lease (5 years) to be negotiated.
Small market and no “real” alternatives meant discretion was paramount. Discretely entered the market, reviewed potential options and inspected many premises to maximise leverage. Knowing alternatives did not exist, fundamental commercial terms agreed promptly.
Achieved 25% incentive compared to some other major tenants achieving only 20% at that time. Reduced space by close to 10%. Were able to bring forward rent reduction rather than waiting for new lease commencement date. Able to complete negotiations in a expeditious manner – derisk the process and provide certainty.