Tata Communications is a global provider of telecommunications solutions and services. The $2.9bn company which is headquartered in Mumbai and Singapore, has 8,500 employees across 38 countries and is part of the $103.3bn Tata Group. Its telecommunications network spans the globe and includes more than 500,000 km of subsea fibre and more than 210,000 km of terrestrial fibre.
Background
Having helped Tata Communications previously to relocate its offices from London Docklands to the City of London, McCalmont-Woods was re-appointed to acquire a second new office to serve as Tata Communications new European HQ. The catalyst for this second office move was Blackstone’s purchase from Mitsui Fudosan of 20 Old Bailey, EC4 with its plans to extend and reposition the office property requiring all of the existing occupiers to vacate the building at lease expiry.
The brief was to identify circa 15-20,000 sq ft office space which might be leased for a maximum 5-year term. And, in order to mitigate the cost of fitting-out the new offices (from a landlord’s standard Cat A finish) McCalmont-Woods was again tasked with identifying pre-fitted office accommodation which could be adapted to meet Tata’s specific occupational needs at minimal cost.
Outcome
McCalmont-Woods successfully concluded terms for Tata Communications to acquire 16,600 sq ft fully fitted space at Vintners’ Place, 68 Upper Thames Street, EC4 on a new 4.5 year sublease from Getco Europe Limited. Since the premises had only been occupied by the former tenant for a very short period, Tata was able to benefit from a virtually brand new in-situ office fit-out which provided all the necessary structured cabling, comms room, kitchens, private offices, boardroom and meeting rooms, office reception area and office furniture.
The highly favourable terms agreed at 20 Old Bailey and Vintners’ Place represented a 50% rental discount, which taken together with the significant capex savings on two office fit-outs, produced a combined cost saving across the two subleases of circa £5.25 million.
Julie Woods-Moss, CMO & CEO Nextgen Business
“Nick did a fantastic job of finding Tata a great property in Central London. We had tight budgets and tight timelines and Nick over-delivered in spite of our constraints.”
Vinod Kumar, Managing Director and CEO
“This is probably the best office we have in the whole world.”
