Reach PLC is the largest national and regional news publisher in the UK.
McCalmont-Woods was tasked with advising Reach on its 195,000 sq ft headlease and 52,000 sq ft underlease rent reviews at One Canada Square, Canary Wharf – then the UK’s tallest office building. Further instructions followed as the publishing industry transformed from print to digital to include negotiating the surrender and subletting of various surplus office leases.
With more than 1.7 million sq ft (+12% vacancy, excluding grey space) available on the Canary Wharf estate, McCalmont-Woods was tasked with disposing of a further 27,000 sq ft on Level 19. Two separate sub-lettings were quickly agreed with High Speed Two (HS2) Limited, a company wholly owned by the Department for Transport, which produced a remarkable £5.75 million cost savings for Reach.
“He (Nick McCalmont-Woods) acts in an utterly professional and conscientious way and has a unique ability to understand his clients’ requirements from day one, without being overawed by the task at hand.”
Mike Shaw, Group Services Director