Lionbridge – Lease Consultancy
Our Role: Lease Consultancy
Lionbridge wanted to explore the viability of subletting some excess space within their West Pier offices. We offered commercial property lease consultancy.
Company Profile – Lionbridge Technologies
Lionbridge is a US-based tech company focussing on translation and localisation services. Their Irish operations are based in West Pier Office Campus in Dun Laoghaire, Co. Dublin and Ballina, Co. Mayo.
The challenges for Lionbridge were that their lease had some restrictions around subletting and the prevailing local market conditions. We specialise in this localised and contractual knowledge to assist companies who find themselves in this position.
How We Helped
The team at Murphy Mulhall undertook a comprehensive lease review. In addition, a local market evaluation was conducted along with having some preliminary discussions with the Landlord’s agent. This allowed us to understand if a partial lease surrender was a possibility.
Once this was complete, we provided an honest assessment of the likelihood of achieving a sub-letting. This included the costs associated with the potential sublet. Financial implications include agents fees, marketing and recommended upgrade works to name but a few. We also assessed the length of time is could take to achieve such an outcome versus the length of time to the lease expiry.
The case for sub-letting did not stack up so we recommended against it on the basis of market conditions, costs involved and unlikelihood of securing an occupier in a very inactive local market within a dwindling lease expiry timeframe.