PRA/ClinStar

Project: Transaction Management – Lease Restructuring and Surrender

Client: PRA/ClinStar

Location: 75 Zhylianska Str., Eurasia BC, Kiyv, Ukraine

Leasable area: 2,126 sq. m

Dates: 2013, 2015

The Challenge

In 2013 PRA had an urgent requirement to relocate due to the anchor tenant of the building exercising their right to expand upon which PRA received a short landlord notice to vacate the space. Cushman & Wakefield was mandated by PRA to manage their relocation and within a stringent timeframe found alternative accommodation for PRA, conducted negotiations with the landlord, secured the lease on below market terms and also a guaranteed option to expand within the building. In 2015 PRA’s business plan changed and Cushman & Wakefield was instructed to address PRA need to negotiate with the current landlord for the surrender of surplus space.

The Solution

Сushman & Wakefield engaged the landlord in negotiations for the restructuring of the existing lease and agreed terms for the surrender of the surplus space within a short period of time. Cushman & Wakefield advised on negotiation strategy and succeeded in securing a reasonable penalty to be paid to the landlord for PRA early termination of the lease in relation to the surplus space.

The Result

Cushman & Wakefield reduced PRA occupational costs by achieving savings from surrender of the surplus space in excess of USD 400,000.