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JLL assists first international law firm with move to Hong Kong East
Motivation for the move
Owing to acquisitions and organic growth, BLP had outgrown its current office in Hong Kong, and needed to consolidate its team in one location and plan for long-term growth to support its strategy in Asia. They sought a strategic service provider who could not only deliver an office leasing transaction, but could negotiate the early terminations of their existing lease commitments necessary to make such a consolidation possible.
Faced with progressively more complex mandates from top-quality clients, BLP required space for multidisciplinary teams to work together. The firm therefore required a more modern and collaborative office environment that would foster closer connectivity across the business and allow its teams to focus on increasing productivity and revenue.
Developing a detailed relocation strategy, with support from JLL's Research and PDS teams, we assisted BLP in exiting its three premises earlier than the natural lease expiry dates; saving the firm significant operating costs and bringing forward the consolidation process.
Analysing current and future market opportunities, we identified Taikoo Place, with its mix of Grade A offices and world class infrastructure, as fitting for BLP's new home and demonstrated great value to the client's partners and stakeholders in communicating the rationale of moving to a location perceived as decentralised.
Taikoo Place, and the wider Quarry Bay area, is now home to over 300 multinational companies, including many Fortune 500 corporations, alongside a growing number of new start-up businesses – a good match for BLP's current clientele and future prospects. The district also offers BLP staff a quality range of shopping, dining and leisure facilities, coupled with value and good transport links.
- Bob Charlton, Partner and Head of Asia, Berwin Leighton Paisner LLP
The successful result
On behalf of BLP, JLL negotiated a six year lease with Swire Properties for 15,000 sq. ft. in Dorset House, Taikoo Place, which will facilitate BLP's expansion and its new flexible, agile and collaborative style of working. In a bold move for the firm and Hong Kong's legal profession, BLP is the first international law firm to open an office in the district.
BLP's new offices will also incorporate modern client facilities including a flexible seminar and conference space to allow for large-scale professional events and to meet the evolving demands of the firm's clients.
"As you'd expect from BLP, our decision to move to Taikoo Place is a first for legal services in Hong Kong. Well known for our innovative and game-changing approach to client service, we are equally as forward-looking when it comes to the growth of our business," says Bob Charlton, Partner and Head of Asia, Berwin Leighton Paisner LLP. "Taikoo Place will allow our team to work in a modern and collaborative environment which will enable us to improve the way we work each day, to the benefit of our clients."
Since BLP's pioneering move, JLL has assisted another legal firm with a move to Quarry Bay, and dozens more have expressed an interest in the area. Further redevelopment of the area is expected to be completed in 2018/20, and this has already started to attract the interest of front office investment banks and other financial institutions looking for real estate solutions outside of Central. In time, further relocations will see Hong Kong East become a professional services hub.
"JLL worked closely with us throughout our entire process and became a real member of our team. We valued their input particularly around the brave nature of our first mover step towards Taikoo Place," adds Charlton. "They were available to us 24/7 and remained patient as we deliberated carefully about our various challenging decisions. We are pleased with the outcome and credit JLL with playing a major part in us achieving that."
For more information on JLL's Office Tenant Representation services, contact Andrew Yates.
Head of Tenant Representation, Hong Kong Markets
+852 2846 5226
Senior Manager, Marketing & Communications
+852 2846 5008