Zurich Assurance was an intermediate tenant and we were appointed to negotiate with both the building owners and the sub-tenant. This was a complex case where the sub-lease was on less favourable terms and our client was suffering a large shortfall in rent. The fact that the date of the review followed the peak of the market added to the difficulty of finding agreement between all three parties.
When both reviews were eventually agreed Arbitration was imminent. We had dealt with disputes on both points of law and fact with technical expert evidence, on the “fitted-out assumption” provided by our Design & Build team. We eventually secured a negotiated settlement on both reviews that reduced our client’s rent shortfall by 90%.
Achieving the best outcome for our client on this occasion required an in depth knowledge of the law and arbitration procedure, together with an understanding of the City office market – where significant differences in value can turn on subtle issues. Most importantly, we were able to use our expertise to achieve a successful outcome for our client.