Exhibit 10.48



• C1M 1S 1 •   Law .Tax • DATE: l-=t OcMer 2018 • LICENCE TO CARRY OUT WORKS RELATING TO   PART THIRD FLOOR AND FOURTH FLOOR, 8 FINSBURY CIRCUS, LONDON EC2 • Between •   MITSUBISHI ESTATE LONDON LIMITED and CRA INTERNATIONAL (UK) LIMITED • and CRA   INTERNATIONAL, INC. • • • CMS Cameron .\1cKenna Naba rro Olswang LLP Cannon   Place 78 Cannon Street London EC4N 6Ar T +44 20 7367 3000 f +44 20 7367 2000   ems.law • UK - 604403361.3 • 


    




 










• TABLE OF   CONTENTS • • I. 2. 3. 4. 5. 6. 7. Definitions .....................................................................................................................................   I   Interpretation..................................................................................................................................   2 Consent to Carry Out the   Works....................................................................................................   3 The   \Vorks......................................................................................................................................   3 Tenant's Guarantor   ........................................................................................................................?   Governing Law and Jurisdict ion ....................................................................................................7   General   ...........................................................................................................................................?   Schedule 1 The plans, drawings and specifications showing the Works   ......................................................8 • • • • • • • • UK -   604403361 .3 • 


    




 










• LICENCE TO   CARRY OUT WOR.K.'.i • DATE \ 02olR PARTIES MITSUBISHI ESTATE LONDON LIMITED (   incorpora ted and registered in England and Wales under wmpa ny registration   number 2435659), the registered office of which is at Cannon Place, 78 Cannon   Street, London EC4N 6AF (the "Landlord"'); CRA INTERl TIO:\TAL (UK)   LIMITED ( incorporated a nd registered in England and Wa l es under company   registrati o n number 04007726), the registered office of which is at 8   Finsbury Circus, London EC2M 7EA (the ''Tenant"); and CRA INTERNATIONAL,   INC. (incorporated a nd registered in Massachusetts, United States of America   under company registration number 042372210), the registered office of which   is a t 200 Clarend on Street T-10 Boston MA 02116 and whose address for   service in England and Wales is at 8 Finsbury Circus, London EC2M 7EA (the   "Guarantor"). (I) • (2) • (3) • RECITALS (A) The Landlord is   entitled to the reversion immediatel y expectant on the Tenn and the Landlord   's reversionary interest is registered with title number NGL66474. The   um:xpired residue of the Term is vested in the Tenant. The Lease contains a   covenant binding on the Tenant not to make certain alterati ons to the   Pn:mises without the written consent of the Landlord a nd the Tenant wishes   to make such alterations. The Tenant also wishes to make alterations to the   Licensed Areas. This licence is supplementa l and collateral to th e Lease.   (B) (C) • (0) • IT IS AGREED AS FOLLOWS: 1. DEFINITIONS The followin g   definitions a ppl y in this licence: ··Building" has the meaning   ascribed to i t in the Lease; • '·Business Day" means a day other than   Saturday, Sunda y or a da y on which banks arc authorised to close in London   for general banking business; '"CDM Regulations" means t he   Constmction (Design and Management) Regulations 2015; • "Fourth Floor   Lease" means a lease of the Fourth Floor Premises made between (1) Mits   ubishi Es tate London Limited, (2) CRA International (UK) Limited a nd (3)   CRA International, Inc. and dated 20 May 2016 and a ny document supplemental   to or varying s uch lease whether en tered into before or after the date of   this licence and including this licence; "Fourth Floor Premises"   means Fourth Floor, 8 Finsbury Ci rcus, London EC2, as more particularly   described in the Fourth Fl oor Lease; "Fourth Floor Lease Term"   means the tenn of years granted by the Fourth Fl oor Lease and the period of   an y statutory continuation of the tenancy granted by t he f ourth Floor   Lease; "Landlord" means the first party to this licence and its   successors in title and persons ent itled to the reversion immedi ately   expectant on the termination of the Lease; • • UK - 604403361.3 • 


    




 










•   "Lease" means the Third Floor Lease and the Fourth Floor Lease; •   "Licensed Areas" means those areas of the Building extemal to the   Premises on which certain of the Works are to be carried out;   ''Premises" means the Third Floor Premises and the Fourth Floor   Premises; "Staircase End Date" means the earlier of: • (a) the date   that the Tenant assigns or determines the Third floor Lease and/or the Fourth   Floor Lease (save where the assignment of such leases is simultaneous and to   the same party); and (b) the expiry of the Third Floor Lease Term; •   "Staircase Works" means the works to construct a staircase between   the Third Floor Premises and the Fourth Floor Premises; ''Tenant" means   the second party to this licence and its successors in title; ''Tenant   Guide" means the tenant fit out f,>uide attached at the Appendix;   ''Term" means the Third Floor Lease Tenn and the Fourth floor Lease   Tenn; • "Third Floor Lease" means a lease of the Third Floor   Premises made between (I) Mitsubishi Estate London Limited, (2) CRA   International (UK) Limited and (3) CRA International, Inc. and dated 12   February 2018 and any document supplemental to or varying such lease whether   entered into before or after the date of this licence and including this   licence; • "Third Floor Premises" means Part Third Floor, 8   Finsbury Circus, London EC2, as more particularly described in the Third   Floor Lease; "Third Floor Lease Term" means the term of years   granted by the Third Floor Lease; • '"\Vorks" means the Tenant's   fitting out works to the Third Floor Premises pursuant to the Third floor   Lease being works within and external to the Premises and the Staircase Works   pursuant to the Third floor Lease and the Fourth Floor Lease and as more   particularly described in the plans and specifications and drawings referred   to in Schedule I and annexed to this licence. • 2. 2.1 INTERPRETATION Unless   otherwise expressly stated, the rules ofinterprelation set out in this clause   2 apply in this licence. 2.2 The contents page, headings and sub-headings in   this licence are for ease of reference only and do not affect the meaning of   this licence. • Any \vords following the tenns "include" and   ''including" or any similar expression shall be interpreted as   illustrative and shall not limit the sense of the words preceding those   tenns. 2.4 General words do not have a restrictive meaning because they are   preceded or followed by specific words indicating a particular type class or   category. • 2.5 Obligations owed by or to more than one person are owed by or   to them jointly and severally. 2.6 A reference lo legislation is a reference   to all legislation having effect in the United Kingdom from time to time,   including: • 2.6.1 directives, decisions and regulations of the Council or   Commission of the European Union; UK-604403361 .3 2 • 


    




 










• 2.6.2 2.6.3   Acts of Parliament; orders, regulations, consents, licences, notices and bye   laws made or granted: • (a) (b) under any Act of Parliament; or under any   directive, decision or regulation of the Council or Commission of the   European Union; or by a local authority or by a court of competent   jurisdiction; and • (c) 2.6.4 any mandatory codes of practice issued by a   statutory body. 2.7 A reference to particular legislation is a reference to   that legislation as amended, modified, consolidated, re-enacted or replaced   from time to time and to all subordinate legislation made under it from time   to time. A reference to a person includes an individual, finn, partnership,   company, associatiOn, organisation or trust (in each case whether or not   having a separate legal personality). A reference to a company includes any   company, corporation or any other body corporate (wherever incorporated). •   2.8 2.9 • 2.10 References to one gender inc1ude all gend ers and words in the   singular include the plural and vice versa. A reference to a clause,   paragraph or schedule is to a clause or paragraph of or schedule to this   licence and a reference to this licence includes its schedules and   appendices. A requirement that a notice or other communication to be given or   made under or in connecti on with this licence must be signed by the person   giving or making it will be deemed to be satisfied if the notice or other   communication is signed on behalf of the person giving it. 2.11 • 2.12 • 3.   3.1 3.2 CONSENT TO CARRY OUT THE WORKS The Landlord consents to the Tenan t   carrying out the Works on the terms of this licence. The covenants on the   part of the Tenant and the Guarantor in this I iccnce are entered into by   them in consideration of the Landlord giving 1ts consent to the Works. tr the   Works are not started within three months of the date of this licence, the   consent given in dause 3.1 will lapse and become void but without prejudice   to the other provisions of this licence. • 3.3 4. 4.1 THEWORKS Obligations   before the start of the Works Before starting the Works, the Tenant shall: •   4.1.1 appl y for, obtain and send the Landlord a copy of all necessary   consents of a ny other person or competent authority in relation to the   Works; obtain the Landlord 's written a pproval of all such consents (such   approval not to be unreasonably withheld); pay any community infrastructure   levy, serve a notice assuming li ability for tha t l evy in requisite fonn   which shall not be withdrawn, provide a copy of the notice to the Landlord   and indemnify the La ndlord against all expenses and liabilities arising out   of that levy in respect of the Works and any failure to comply with this   clause; and • 4.1.2 4.1.3 • UK - 604403361.3 3 • 


    




 










• 4.1.4 give   the Landlord at least 10 Business Days' written notice of the date it intends   to start the Works. • 4.2 Obligations during the carrying out of the Works   4.2.1 The Tenant shall carry out and complete the Works: (a) expeditiously,   and in any event shall complete them within six months of the date of this   licence; in a good and workmanlike manner, with new and good quality   materials fit for the purpose for which they arc required and so as to be   free from defects; in accordance in all respects with all relevant   legislation and the tenns of all consents; without using or permitting the   use of any material or substance which, at the time of use, does not conform   with all relevant British and European standards and codes of practice or   which is generally known to the United Kingdom building industry at the time   of use to be deleterious to health and safety or to the durability of the   Works in the particular circumstances in which it is used; in compliance with   the Tenant Guide and the requirements set out in the documents setting out   the Works in Schedule 1 and in accordance with the requirements of the   Landlord's professional advisers (if required by the Landlord) and of the   insurers of the Premises and the Licensed Areas; to the reasonable   satisfaction of the Landlord and to the satisfaction of the insurers of the   Premises and the Licensed Areas, any competent authority and any other person   whose consent to or approval of the Warks is required; • (b) (c) • (d) • (e)   • (t) (g) in a manner so as to cause as little inconvenience and annoyance as   reasonably possible to the Landlord, any superior landlord and the owners and   occupiers of adjoining or neighbouring property; • (h) so as not to result in   the Premises, the Licensed Areas or the building of which they fonn part, or   any adjoining or neighbouring property, becoming unsafe; and at its sole   risk. • (i) 4.2.2 The Tenant shall: (a) effect and/or procure that any person   carrying out the Works effects such insurance in respect of them as is   reasonably appropriate in the circumstances; pay any charge or levy lawfully   imposed by any person or any competent authority in respect of the Works;   permit the Landlord, and all others authorised by it, to inspect the Works   both while they are being carried out and on their completion but subject to   the access provisions in the Lease and if reasonably required by the Tenant   accompanied by a member of the Tenant's staff(provided that such rights may   only be exercised when in compliance with any health and safety or other   legal requirements in relation to the Works); • (b) (c) • • (d) make good to   the Landlord's reasonable satisfaction any damage arising out of, or   incidental to, the carrying out or completion of the Works; UK - 604403361.3   4 • 


    




 










• (e) noli fy   the Landlord of the date of completion of the Works; and • (f) provide the   Landlord on demand with copies of all notices, correspondence, certificates   and documentation what oever relating to the Works and with such other   evidence as the Landlord may reasonably require to satisfy itself that the   tenns of this licence are being or have been complied with. • The   Construction (Design and Management) Regulations 2015 4.3 4.3.1 The Tenant   agreewith the Landlord for the purposes of the CDM Regulations to be treated   athe only client in relation to the Works. The Tenant acknowledges that the   Landlord has not modified the design for the Works or arranged or instructed   anyone else to do so. 4.3.2 • 4.3.3 Th e Tenant shall: (a) comply in all   respects with the CDM Regulations and procure that any person (other than the   Landlord) who otherwise has any duty under the COM Regulations in relation to   the Works complies with the COM Regulation ; pay the Landlord on demand its   reasonable costand expenses (and any value added tax in relation to them) for   providing any information or documents which the Landlord may supply to any   person in connection with the Works; and promptly after completion of the   Works provide the Landlord with copies of the health and safety file for the   Works prepared in accordance with the CDM Regulations, allow the Landlord to   inspect the original file and hand the original flle to the Landlord at the   expiry or sooner determination of the Third floor Lease Tenn (or where no   health and safety file is required for the Works, to supply the Landlord with   copies of such plans and drawings of the finished Works as the Landlord may   require). • (b) • (c) • 4.4 Obligations following completion of the Works   4.4.1 On completion of the Works, the Tenant 's obligations in the Lease   shall apply to the Premisein their then altered state. The Tenant shall keep   the Works within the Licensed Areas in good and substantial repair and   condition and properly serviced and maintained. Unless and to the extent the   Landlord otherwise directs, the Tenant shall, subject to clause 4.4.5, during   the six months immediatel y before the expiry or sooner detenuination of the   Third Floor Lease Tenn, remove the Works and reinstate the Premises and the   Licensed Areas to their layout and condition before the carrying out of the   Works (wi thout prejudice to the Tenant 's other obligations under the Lease)   and shall make good all consequential damage to the reasonable satisfaction   of the Landlord. Unless the Landlord otherwise directs, the Tenant shall,   before the expiry or sooner determination of the Third Floor Lease Tenn,   carry out any works stipulated to be carried out by a date after such expiry   or sooner determination as a condition of an y planning or other permission   granted in respect of theW orks. In relation to the Staircase Works: • 4.4.2   4.4.3 • • 4.4.4 • 4.4.5 s U K - 604403361.3 • 


    




 










• (a) the   Tenant shall remove the Staircase Works (or the relevant part of the   Staircase Works), reinstate the floor slabs of the Premises and any otht:r   part of the Building (including reconfiguring any mechanical and dt:ctrical   services) to the extent directly affected by the Staircast: Works and make   good any physical damage caust:d thereby to the Building, at the Staircase   End Date; and • • (b) if the Tenant wishes to remove the Staircase Warks and   reinstate the Prt:mises as a result of such removal at any time during the   Tt:nn, tht: Tenant shall comply with the terms in clause 4.4.5(a) above and   shall make good any damage caused to the Premises and/or the Building in so doing.   • 4.4.6 The provisions of clauses 4.1, 4.2 and 4.3 shall apply to any works   to be carried out under clause 4.4 as they apply to the Works. If and to the   extent that the Landlord may be a client for the purposes of the COM   Regulations in relation to the works required pursuant to clause 4.4.2 or   clause 4.4.4, the Tenant shall not start such works until it has agreed in   writing with the Landlord for the purposes of the COM Regulations to be   treated as the only client in relation to those works. • 4.5 Genera] 4.5.1   The Tenant is under no obligation to the Landlord to carry out the Works but   if the Tenant does carry out the Works then the provisions of this clause 4   of this licence shall govern the carrying out ofthe Works. • 4.5.2 The Works   and any obligation to rt:move the Works and to reinstate and carry out any   furtht:r works which may be required by clause 4.4.4 will be disregarded for   the purposes of any review of rent under the Lease. 4.5.3 If the Tenant at   any time fails to comply with its obligations to complete the Works in this   licence: • (a) the Landlord may (but without prejudice to any other rights of   the Landlord) enter the Premises (on no less than 48 hours· prior written   notice, except in case of emergency) during or after the Tenn to complete any   works (in whole or part) permitted or required by this licence at the   reasonable expense of the Tenant; and • (b) the Tenant shall pay to the   Landlord all fees, costs and expenses reasonably incurred by the Landlord,   which, if not paid, shall be recoverable by the Landlord as a debt. • 4.5.4   The Landlord shall not be under any obligation to insure the Works while they   are being carried out or after they are completed. 4.5.5 The Tenant shall pay   the Landlord on demand any increase in the insurance premium for the   Premises, the Licensed Areas or the Building of which they fonn part or any   adjoining or neighbouring property of the Landlord which is attributable to   the carrying out or completion of any works permitted or required by this   licence. • 4.5.6 The Tenant shall carry out all works permitted or required   by this licence subject to all rights of the owners and occupiers of the   Building and of all adjoining or neighbouring properties. • UK-604403361 .3 6   • 


    




 










• 4.5.7 The   Tenant acknowledges that no partnership or agency relationship exists between   the Landlord and the Tenant in relation to the Works or is created by or in   consequence of the design or carrying out of the Works or this licence or   otherwise. • 4.5.8 The La ndlord shall have no liability whatsoever in   respect of the design, carrying out or existence of the Works and no   representation or wananty is given by the Landlord as to their quality,   suitabili ty or fitness for purpose. • 4.6 Tenant's indemnity The Tenant   shall indemnify the Landlord against all actions, losses, liabilities, costs,   damages and expenses resulting (either directly or indirectl y) from an y   claim by a third party aga inst the Landlord arising from the state and   condition of the Prem ises a nd the Licensed Areas during and after the   carrying out of any works pem1itted or required by this I icence, or from the   carrying out of any works permitted or required by this licence, or from any   hreach of or non-compliance with any of the terms of this licence provided   that the Landlord shall notify the Tenant of any such claim as soon as   reasonably practicable, shall use reasonable endeavours to mitigate such   claim. • • TENANT'S GUARANTOR Without prejudice to section 1 8 of the   Landlord and Tenant (Covenants) Act 1995, the Tena nt 's Guarantor consen ts   to the provisions of this licence, and agrees that its obligations contained   in the Lease continue in full force and effect, and extend and apply to the   obligations of the Tenant contained in this licence a nd as varied or   extended by this licence. 5. • 6. 6.1 GOVERNING LAW AND JURISDICTION This   licence and any dispu te or claim arising out of or in co nnect ion with it   or its subject matter or formation (including non-contractual disputes or claims)   are governed by the law of England and Wales. The parties i1Tevocably agree   that the courts of England a nd Wales have exc.:lu sive jurisdiction to   deten11ine any dispute or claim that arises ou t of or in connection with   this lict:nce or its subject matter or fonnation (i ncludin g non-contractual   disputes or claims). • 6.2 • 7. 7.1 7.2 GENERAL This licence is s upplemental   to the Lease and is a deed. Nt:ither this licence nor the carrying out of the   Works wi ll release or lessen the liabili ty under the Least: of tht: Tenant   or any other person, whether before or after the date of this licen ce. Any   brea ch of th e tenns of this licence will give rise to a ri ght of re-entry   under the Lease. Unless expressly stated nothing in thi s licence \Vill create   any rights in favour of any person pursuant to the Contracts (R ights of   Third Parties) Act 1999. • 7.3 7.4 This docwnent has been executed as a deed   and is delivered on the da te sta ted a t the beginning of it. • •   UK.604403361.3 7 • 


    




 










• SCHEDULE 1   THE PLANS, DRAWINGS AND SPECIFICATIONS SHOWING THE WORKS • • • • • • • • • •   UK - 604403361.3 8 • 


    




 










• Executed as a   deed by MITSUBISHI ESTATE LONDON LIMITED acting by a director and its   secretary/two directors: • Director • Director/Secretary • • • • • • • • U   K-604403361.3 •