Less is more: Ernst & Young has consolidated

its London offices to offer a new management

consultancy to occupiers
By Stockdale, Lydia
Publication: Property Week
Date: Friday, November 21 200
!"NS# $ %&'N( )*S L&N( B!!N +N&WN *S * mana,ement con-ultant,
accountant and ta. advi-er/ No0 it i- al-o a provider o1 real e-tate -trate,ic advi-ory
-ervice-/
#2e e-tabli-2ed real e-tate advi-ory team at one o1 t2e 3bi, 1our3accountancy 1irm-
believe- it can lead a c2an,e in t2e indu-try, providin, real e-tate advice 0it2 t2e bene1it
o1 a 0ide under-tandin, o1an occupier3- bu-ine-- need-/
Seven 0eek- a,o, !rn-t $ %oun, 2ired Step2en Norri-, 1ormerly o1 t2e ,lobal client
-olution- team at 4u-2man $ Wake1ield and 4oreNet (lobal 3Partner o1 t2e %ear 20053,
to 2ead it- drive to provide client-0it2 advice on t2eir real e-tate port1olio-/ Norri- 0a-
2ired by 6ark We-ley, partner and t2e 2ead o1 !rn-t $ %oun,3- corporate real e-tate
0ork team 7-ee bo., oppo-ite8/ )e -ay- t2e 1irm3- property -trate,y 2a- to be e.emplary
i1 it i- ,oin, to ,ive corporate real e-tate advice to client-/
We-ley believe- t2at !rn-t $ %oun,3- London 2ead9uarter- -2o0- 02at occupier- can
ac2ieve/ #2ree year- a,o, t2e company took t2e radical -tep o1 con-olidatin, it- ei,2t
London o11ice- into t0o -out2 o1 t2e "iver #2ame-::t2e ;;0,000 -9 1t 2ead9uarter- at 1
6ore London Placeand Becket )ou-e o11ice- near Waterloo/
3< 0a- pitc2in, 1or bu-ine-- 1rom a F#S! bank t2e ot2er day, to doa potential ne0
2ead9uarter-,3 recall- We-ley/ 3#2e 0ork 0e 2ave done 2ere i- one o1 our key
credential-/3
We-ley, 02o advi-ed !rn-t $%oun, on it- accommodation -trate,y, -ay- t2at operatin,
1rom numerou- -ite- acro-- t2e capital 0a- 3not an e11ective 0orkin, practice3/
6ore London accommodate- =,>00 people/ <t i- open plan and mo-t people do not 2ave
a de-k/ #2e o11ice- 2ave been de-i,ned to promote a 1lat, non:2ierarc2ical
or,ani-ational -tructure/
3&nce c2airman 6ark &tty -aid: ?< don3t need an o11ice?, t2e deci-ion 0a- made,3 -ay-
We-ley/
#2e aim 1or t2e !urope, 6iddle !a-t, <ndia and *1rica real e-tate team i- to provide
occupier- 0it2 an 3inte,rated approac23/ 34lient- 0ant one team, t2e !rn-t $ %oun, real
e-tate team,3 -ay- We-ley/ 3&neo1 our key propo-ition- i- you do not @u-t ,et t2e property
people providin, a property -ervice, you ,et t2e accountin,, t2e ta. and in-urance
piece/3
A&<N!D:'P #)<N+<N(
Not 2avin, a--i,ned de-k- mean- employee- 0it2 di11erent area- o1 e.perti-e 0orkin,
1or a particular client can -it to,et2er/ *lt2ou,2 employee- can book de-k- on line, t2ere
are t0o 30orkplace co:ordinator-3 on eac2 1loor/ 3We 0ere introduced to t2em on day
one,3 recall- Norri-/ 3<t meant 0e 2ad a p2y-ical per-on to talk to/3
*not2er le--on i- t2at t2e ri,2t occupier- can c2an,e an area/ 3We0ere -li,2tly a2ead o1
our time in c2oo-in, t2e location,3 -ay- We-ley/ 3< 2ave noticed t2e di11erence 0e, a- a
bi, occupier, 2ave made in comin, do0n 2ere/ #2i- 0a- deepe-t, darke-t Bermond-ey
at one point/ No0 t2ere i- a c2ampa,ne bar out-ide t2e door and ,a-tro pub- do0n
Bermond-ey Street/3
Since !rn-t $ %oun,3- move, 1ello0 3bi, 1our3 1irm Price0ater2ou-e4ooper- and le,al
practice Norton "o-e 2ave taken -pace at 6ore London/
#2e -c2eme -2o0- t2at -pace can be bot2 e11icient, at >B -9 1t per1ull:time employee,
and can al-o 2elp employee- 0ork better, -um- upNorri-/ 3<t make- t2e occupier3- li1e
ea-y/3
6*"+ W!SL!%, * P*"#N!" *ND #)! )!*D &F !"NS# $ %oun,3- corporate real
e-tate team, 2ired Step2en Norri- to lead it- real e-tate -trate,ic advi-ory -ervice-
becau-e 2e 0a- -tartin, to -ee a 3-2i1t in bi,, ,lobal, F#S! 100 companie-3/
3#2ey do not 0ant to @u-t talk about property,3 2e -ay-/ 3#2ey 0ant to talk about bu-ine--
tran-1ormation and boardroom i--ue-/ <--ue- t2at concerned t2e property director 1
mont2- a,o are no0 i--ue- 1ort2e c2airman or c2ie1 e.ecutive/3
#2e ,lobal economic do0nturn 2a- meant t2at client- 2ave to react::and 9uickly/
3*t t2e minute, t2eir concern- are around takin, co-t out, addre--in, li9uidity and
1le.ibility/ "eal e-tate i- a bi, component o1 t2i-and, a- a re-ult, real e-tate i--ue- are
no0 more important t2an t2ey 0ere t0o year- a,o/
3&ccupier- need people 02o really under-tand t2eir i--ue- and t2eir bu-ine-- and can
make a di11erence,3 -ay- We-ley/ #2i- i- 02ere t2eC0 property advi-er- 0orkin, 1or !rn-t
$ %oun, in t2e '+::a number t2at doe- not include t2o-e 02o 0ork in related 1ield-,
-uc2 a- Deal e-tate ta.::come into t2eir o0n/
3Be1ore our meetin,- 0it2 client- 0e 0ill be 1ully brie1ed by t2e relevant client -ervice-
team in order to under-tand it- bu-ine-- i--ue-,3 e.plain- We-ley/
But 02ere t2e client -ervice- team- talk about 3po-t:mer,er inte,ration3, t2e teal e-tate
team di-cu--e- mer,in, t0o port1olio- to,et2er/
4lient -ervice- 0ill 1i,ure out 2o0 to take co-t out o1 t2e bu-ine--, 02ile t2e tea < e-tate
team talk- about reducin, real e-tate -pend/
W2ere client -ervice- di-cu-- -2ared -ervice centre out-ourcin,, real e-tate team-
di-cu-- an occupier3- 1ootprint::02ere it i- no0, and 02ere it need- to be/
3We look at it- bu-ine-- i--ue- and identi1y real e-tate implication-/ We t2en talk to t2em
about 2o0 Deal e-tate can 2elp t2em,3 -ay- We-ley/ 3#2e 1irm ,oe- in 0it2 it- 0ider
advi-ory team, 0it2 -peciali-t- 02o tackle -peci1ic area-, )" people, <#, -upply c2ain,
c2an,e:mana,ement and real e-tate multidi-cipline team- 0it2in real e-tate andpart o1 a
bi,,er team t2at 2a- t2e 0ider advi-ory -ervice- people,3 -ay- We-ley/
3#2e rea-on 1or me comin, in 0a- to piece t2o-e variou- bit- to,et2er 0it2 t2e
occupier-,3 -ay- Norri-, 02o moved to !rn-t $ %oun, a1ter 1C year- at 4u-2man $
Wake1ield becau-e o1 t2e acce-- it 0ould ,ive2im to t2e boardroom/
3#ypically, 02en you ,o in to advi-e a corporate, you are ,oin, inat property director
level/ %ou advi-e t2em and react to t2e need- o1 t2e board, but you are not -ettin, t2e
a,enda/
3#2e appeal 1or comin, to !rn-t $%oun, 0a- t2e acce-- to bu-ine-- driver-, an
under-tandin, o1 02ere t2e bu-ine-- i- really ,oin, and 2o0 you overlay property on to
t2at/ <t 0a- t2e credibility it brin,- t2at really appealed to me/3
4&LL*B&"*#<E! *PP"&*4)
Norri- believe- t2e role o1 !rn-t $ %oun, and t2at o1 t2e property-ervice- 1irm can
3dovetail3/
3#2e t2in, < am no0 lookin, at i- 2o0 0e 0ork 0it2 broker-,3 2e e.plain-/ 3We cannot
deliver all t2e brokera,e deal-::0e need to u-e t2e 4u-2man-, t2e Aone- Lan,
LaSalle-, and t2e local 1irm- on t2e ,round/3
(lobally, more t2an =,000 people at !rn-t $ %oun, 0ork in real e-tate, includin, property
advi-or-, ta. advi-er- and member- o1 client -ervice- team-/ #2e 6ore London:ba-ed
Deal e-tate team at !rn-t $ %oun, i- e.pandin,/ <t -ay- it re1lect- t2e demand 1or it-
-ervice- on top o1 t2o-e o11ered by traditional property -ervice- 1irm-/
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