THE PROPERTY MANAGER FOR THE NEW ECONOMY TM CASE STUDY Citibase Watford Generating cash from a very long leasehold office blockCITIBASE | Watford | 2 The Building Clarendon Road is one of the most prestigious office locations in Watford. Occupiers include TKMaxx, Touchstone Group and Regus. Built in 1977, 42-44, Clarendon Road offers 12,484sqft of Grade B offices over 3 floors. Historically, the building had been let to a blue-chip occupier on a 25-year lease. However, in 2012, the 25-year lease came to an end and the entire building fell vacant with the fit out abandoned. This timing was unfortunate, as the office vacancy in Watford in 2012 was 14.5% (Source: CoStar). Executive Summary Citibase was appointed by the Client to generate cash from an empty building held by the C

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