Cushman & Wakefield has been instructed by Aberdeen Asset Management AG to identify a single tenant for its residual 8.000 sq m Grade A office block ”Building B” located within the Europarco business compound in Rome.
The new Europarco Business Park, with its 172.000 sq m of office space, the residential high rise Eurosky Tower and the Euroma2 shopping centre, has established itself as the first true business park of the Capital, a unique proposition for the entire city of Rome.
Given the neighbouring Ministry of Health offices and the modern business environment, we aimed at making advantage of the specific location characteristics and intercepted a primary multinational pharmaceutical cooperation in January 2014 that was looking for a new representative HQ for its Italian business in Rome.
While the location and office characteristics were much appreciated by the occupier, the efficiency ratio base on the restrictive fire certificate as well as the financial parameters where a substantial challenge to overcome.
Cushman & Wakefield set up a multidisciplinary project team and developed a strategy that has seen the negotiation of a long-term lease contract, the upgrade of the fire certificate through the installation of an additional fire stair as well as a competitive market rent and a convincing incentive structure.
Cushman & Wakefield was able to undertake a targeted marketing campaign that led to the expected results set by the owner.
Cushman & Wakefield put particular emphasis on the right positioning of the asset among its competitors through the identification of the key strengths and USP.
Key success points were:
1. Identification of a single tenant capable to absorb the entire available space
2. 7+6 year lease contract without early termination rights
3. Smooth transaction process and mitigation of execution risks
4. Management and coordination of all legal and technical consultants involved in the process
5. Involvement of three Cushman & Wakefield teams for a successful result:
a. Office agency
b. Project management
c. Property management