Marks & Spencer has agreed a lease regear with landlord Tiger Developments at it’s 108,000 sq ft 3 Longwalk office building at Stockley Park, west London. Advised by Hanover Green, Britain’s favourite retailer, who was approaching the end of its original 25 year lease,has signed for 16 years with effect from September 2010 in return for a reduction in passing rent understood to be more than 15% a year The deal works well for both parties as it enhances Tiger’s portfolio income profile and value while providing M&S with a day 1 rent reduction and fixes the rent in advance of the 2012 expiry. It is understood that the parties agreed an overage provision whereby M&S would receive some of the proceeds if Tiger was to sell in the first two years. Hanover Green represented M&S. Jones Lang LaSalle advised Tiger Developments.