Hartree Partners, LP is a global energy and commodities firm. Founded as HETCO (Hess Energy Trading Co) a joint venture between Hess and Hartree’s founding partners, the business now spans 12+ global offices with over 100 traders in more than 20 business lines working collectively to provide deep insight and expertise to enterprise-level, multinational and nation-state customers.
Background
Faced with relocation from a tired office building earmarked for redevelopment in London’s West End where it occupied 8,000 sq ft, Hartree turned to McCalmont-Woods for help in a market where the supply of offices was severely constrained and office rents were rising. Hartree appointed McCalmont-Woods after a previous property deal had fallen through at a late stage (with no Plan B) leaving the business with very little time in which to find a new office space.
Outcome
By agreeing a short lease extension on its existing premises Hartree could maintain business continuity while McCalmont-Woods unncovered an off-market relocation opportunity at Cardinal Place, a striking modern office building located at 100 Victoria Street, SW1.
The strategy to acquire a large efficient single floor of 11,300 sq ft under a new 10 year LTA 1954 protected lease ensured the business could benefit from long-term lease security while also maximising the tenant incentives available to it in a tightening office market. A short-term subletting to a strong UK covenant (minimising the risk of tenant default) on 2,200 sq ft surplus space generated immediate cost savings while also providing expansion space for future business growth in the near term, with the combined acquisition and disposal producing cost savings of circa £2 million.
Jon O’Neill, Managing Director
“McCalmont-Woods did a great job of finding a new London office for Hartree. They worked hard and found us a great space before it got advertised on the open market. They are good communicators and we felt very well informed and advised throughout the whole process.”
