The Project

Steele Consulting was appointed to create a strategy that simultaneously extended tenure in an existing sublease while identifying a shortlist of market options that suited the short to medium term objectives of the business.

The Challenge

After initially setting out to remain in its current subleased premises, Sequoia was not left with ample time to run a full market process. This resulted in a necessity to implement a short-term sublease extension in order to deliver a new office premises with a compressed timeline.

The Outcome

Five-year lease secured in repositioned central office building with brand new spec fit-out that provided savings close to $1m over the lease term versus the baseline scenario of not relocating.

Scope of Appointment

Reporting to the group CFO, Steele Consulting was appointed to assist Sequoia in extending the existing sublease and relocating the business to an office that suited short to medium term headcount while maximising savings from prevailing market conditions.

• Appraisal of existing premises, lease documentation and business strategy to identify areas for optimisation and savings
• Extend existing sublease to provide additional time to run full market process
• Determine property brief and model preliminary financial scenarios to inform a streamlined market approach
• Detailed market research and analysis to determine both off-market and on-market opportunities that suit the brief
• Produce shortlist of suitable options post inspections and complete detailed occupancy cost scenario analysis
• Negotiate final terms in Heads of Agreement and work closely with appointed legal representatives to negotiate, finalise, and execute all lease related documents