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Challenge

Established Midtown based law firm found themselves in the market for the first time in 20 years. The law firm they had shared space with was in growth mode and was taking back the space that they had sublet. With some of the partners near retirement there was little appetite for a long term lease or spending money on the upfront costs associated with a newly built space namely furniture and wiring. The partners lived in Westchester and their clients came in from the Tri-State area so being located near Grand Central was crucial.

Action

They hired representation to educate themselves about the market. Their advisor suggested exploring subleases, the flexible office market as well as direct furnished space. The process began with an analysis of the 44 million square feet of office space & 30 fglex office providers in the Grand Central sub-market to understand pricing and value. 2 direct spaces, 6 sublease and 7 flexible office opportunities were identified that met their requirements. 12 sites were visited by their representation ahead of the client, resulting in 6 being eliminated. A site tour of 9 was completed by the client providing knowledge of all the viable options.

Result

  • Confirmed their interest in finding a flexible office provider that matched their culture
  • Enabled the client to have business continuity with minimum business disruption
  • An informed client who understood current market pricing and availability
  • The opportunity to have an office suite within an office suites floor enabling the partners to have privacy without the costs and long term financial obligations of a long term lease
  • Lowered Costs & Enabled them to have greater flexibility for the business

Testimonial

“It is rare that I take it upon myself to write a letter of recommendation, but when I come across someone who thoroughly impresses me with his effectiveness, knowledge and professionalism, I offered to do so. He educated us as to the marketplace, presented numerous opportunities and narrowed them down according to our needs and he effectively negotiated to obtain an acceptable rent for us.” – Richard Feldman, Partner, Rosenberg, Feldman Smith LLP

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