Centralis – Rent Review
Our Role: Rent Review
Our responsibility was to represent Centralis in a rent review negotiation for their office suite. Centralis deemed the landlord’s proposed rent revision unacceptable. As a result, negotiations had stalled. Centralis contracted us to handle negotiations. We had to proceed to Third Party Arbitration in order to settle the review.
Centralis is an internationally known for providing excellence in business administration services. They are headquartered in Luxembourg, and their Dublin office is located in Block E, Iveagh Court.
Aware of our expertise in providing realistic, objective, and straightforward advice, Centralis’ solicitor (whom we know well) recommended our services for the rent review.
How We Helped
The task was complex. We undertook a comprehensive review of the existing lease, inspected the property, and gathered relevant comparable evidence.
Not surprisingly, the landlord’s representative had differing opinions on the rental value. Despite several discussions, sharing of comparative data, we were unable to reach agreement.
In situations where both parties cannot reach an agreement, a third-party ‘Expert’ or ‘Arbitrator’ is usually appointed. Their role is to make a final determination on the matter. In this case, an Expert was appointed.
We submitted our Precis of Evidence to the Expert and additionally submitted counterproposals based on the other side’s Precis. This requires a particular set of professional skill and experience.
We are involved in the Office Market on a daily basis. Our interaction with various leasing or tenant rep projects (in addition to acting on Rent Reviews) allows us to comment accurately on comparable evidence and arguments submitted against our case.
Once ours and the landlord’s respective submissions were evaluated by the Expert, the final determination was made.
The expert’s final decision was in line with our assessment and initial advices, validating understanding of the market.
The client was very appreciative of our handling of the process and for our honest assessment of where the likely outcome would be. This allowed them to plan budgets / forecasts etc.
“We engaged James to help us with our Office Rent Review. He made what can appear to be a complicated process, easy to understand. He was very thorough and his expertise in the Dublin Office Market is obvious. Straight talking and very diligent, I would have no issue recommending James and his Team. They did a great job for us”
Derek O’Reilly, Managing Director, Centralis
To discuss your Rent Review requirements, contact us today.