330 Madison Avenue | New York, NY
A New Hedge Fund Finds Office Space that Fits its Current Business Plan and Provides Flexibility for Future Growth and Expansion
Challenge
A new hedge fund, Akaris Global, was looking for its first office space. The layout was critical as they required a specific configuration to allow for uninterrupted communication between the portfolio managers, the analysts and the trading desk. As a new business they also wanted to avoid paying the large upfront expenses associated with setting up the office. The lack of visibility on the trajectory of their business meant a short term
option would suit them best.
Action
Over a 6-month period there was a comprehensive market analysis of 350 million square feet that revealed 115 sublease opportunities. Of these 115, there were 30 site visits without the client in order to identify only the most relevant options. 10 spaces were presented to the client resulting in the identification of the space that suited best. The financial terms were then negotiated and the lease draft was then reviewed along side the client’s attorneys.
Results
- Identified a space that enabled them to communicate and matched their workflow.
- Signed a short term sublease to provide maximum flexibility for Akaris’ future growth.
- Saved $150,000 of upfront furniture & IT costs.
- Moved into “plug & play” space allowing them to get up and running day one of move-in.
- Subleased a space that presented well for new potential investors as well as visiting analysts and company management.
Testimonial
I am writing to express our enormous gratitude for your assistance in finding us our perfect office space. It’s been a long time in the making (entirely because of us!) … Looking back, one of the two most important things you did was really understand what we needed from a specific work-flow perspective (made easier by your intuitive understanding of an investment business)… I cannot imagine we would have had the time and attention you dedicated to us from your peers- extremely glad we went with our gut to use you. We are delighted we got to work together. We look forward to working with you again in the future
Shameel Danish, COO of Akaris Global